The Rules are Changing (Again!) for Required Minimum Distributions

The SECURE Act 2.0 altered the onset of Required Minimum Distributions (RMDs) from age 72 to age 73. However, the law made no change to the Qualified Charitable Distribution (QCD) rules. So, while a RMD is not required until age 73, a taxpayer over age 70 ½ is allowed to distribute directly from their IRA to their favorite charity and avoid taxation.

Eldercare, Charitable Gifting, Financial Planning, Retiree, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®January 30, 2023retirement distributions, distribution planning, Retirement Planning, tax planning, Charitable Gifting, income tax, required minimum distributions, Qualified Charitable Distributions

Estate Planning with Roth IRAs

Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.

Estate Planning, Retirement Planning, Tax, Retiree, Pre-RetireeChip Hymiller, AIF®, CFP®March 9, 2021Estate Planning, IRA, Roth IRA, tax planning, distribution planning, required minimum distributions, Roth Conversion, income tax

Roth Conversion Instead of Required Minimum Distribution (RMD)?

With the passage of the CARES Act on March 27th, Congress eliminated IRA required minimum distributions (RMDs) for the year. This means that many taxpayers above the age of 72, or anyone who is taking inherited IRA distributions, will likely have quite a change in their taxable income in 2020. So, is it a good year to do a Roth Conversion instead?

Financial Planning, Investments, Mid Career Professional, Pre-Retiree, Retiree, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®July 22, 2020Roth IRA, tax planning, income tax, required minimum distributions, Roth Conversion

The CARES Act: An Overview

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Here is a brief summary of some of the major provisions.

Education, Mid Career Professional, Pre-Retiree, Retiree, Retirement Planning, TaxErin Campbell, CPA/PFS, CFP®April 6, 2020income tax, student loan, retirement distributions, required minimum distributions, Small Business, tax planning