It’s that time of the year! College bills for the Fall semester are arriving, and you may be thinking of tapping into your retirement savings to help with the costs. Here’s what you need to know about the higher education expense exception.
Do you know how a surviving spouse can handle an inherited spousal IRA? Hopefully you do not need to know this anytime soon, but a friend or loved one may be in that position, so we need to spread the word.
6 years ago same sex marriage was legalized. Since then, millions of same-sex couples headed to the alter. Many of these newlyweds, may not have paid much attention to the special breaks that married couples receive under the tax code. Here are four special IRA rules for spouses that same-sex couples should know about.
With the passage of the SECURE Act, once common IRA beneficiary planning strategies have been upended.
Surprisingly, the rules governing what happens when an ex-spouse acquires a Roth IRA after divorce are unclear. Here are just three of the many key items to consider.
IRAs are supposed to be for saving for retirement but in challenging economic times like these many individuals may be forced to take distributions before retirement age. Be careful! If you tap your IRA before reaching age 59 ½, the bad news is that you run the risk of being hit with the 10% early distribution penalty. The good news is that there are some exceptions to this penalty. You IRA distribution will still most likely be fully taxable, but you can spare yourself the additional 10% penalty if one of these exceptions apply to you.