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COVID-19 Related Retirement Distributions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act (passed in March of 2020) contains many provisions intended to reduce taxpayers’ financial hardships associated with the COVID-19 pandemic.  One of the provisions of the Act concerns certain withdrawals from retirement accounts in 2020.  Normally, withdrawals from retirement accounts by taxpayers…

January 7, 2021

Tax Planning with RMDs, QCDs, and CVDs

RMDs Recent tax law waived required minimum distributions (RMDs) from IRAs and other qualified plans for 2020.  This is an advantage for taxpayers who do not need the funds as the money can continue to grow tax deferred.  If you decide to forgo your RMD for 2020 and typically have…

September 25, 2020

Roth IRAs : Slick Strategy or Evil Surtax

The fact is most taxpayers like the idea of having tax free income and paying less income taxes. It is true, qualified Roth retirement accounts can provide tax-free income to you during retirement, but what cost might you pay for this gratitude? For example, you contribute $5,000 per year to…

June 6, 2019