Qualified Charitable Distributions
Qualified Charitable Distributions (QCDs) allow taxpayers age 70 ½ or older with traditional IRAs (not including active SEP or SIMPLE IRAs) to make charitable contributions directly from their IRA to a qualified charity (not a donor advised fund or private foundation) that will be excluded from their taxable income. This is especially beneficial for those […]
Another IRS Rule Change For RMDs!
The original SECURE Act enacted back in 2019 made two notable changes (among many) for those who owned retirement accounts. The first major change increased the age at which account owners must begin taking Required Minimum Distributions (RMDs) from their tax-deferred retirement accounts from age 70 ½ to 72. The second major change addressed how […]
Expert Answers To Your Roth Conversion Questions
From time to time we will be sharing insights from some of the people in our network of professional advisors who assist our clients with tax advice, estate planning, and other issues. Following is an interview with Michael J. Reilly, CPA, Partner in Charge of Tax Services at Dannible and McKee, LLP—Certified Public Accountants and […]
Is it Time to Convert Your Traditional IRA?
Individuals are permitted to convert their Traditional IRAs (“TIRA”) to Roth IRAs if they meet current income limitations set by the IRS. In 2010 the income limits are removed allowing anyone to convert. I set out to examine when OR if a client should convert their traditional IRA to a Roth IRA.