By Steve Weisman
All you must learn about each IRA, each 401(k)…even HSAs, and more!
· The fact approximately getting the main advantages on the lowest cost
· The fact approximately warding off the pitfalls that may kill your retirement
· The fact approximately deciding upon the simplest concepts for you--and your kids
The fact approximately conserving Your IRAs and 401(k)s palms you with the up to date wisdom you want to construct your retirement source of revenue, as you lessen your bills, taxes, and hazards! patron finance professional and nationally syndicated radio host Steve Weisman bargains forty eight speedy, bite-size, just-the-facts information regarding all kinds of tax-advantaged retirement investments: self-directed, stretch, uncomplicated, SEP, Roth, and spousal IRAs, 401(k)s, and extra. you can find up to the moment information on keeping off pitfalls that may rate you a fortune…choosing the fitting retirement concepts for either you and your heirs…planning retirement investments while you’re a married or single couple…widening your 401(k) funding options…and even more. like all booklet in The fact About sequence, this booklet distills all of the crucial wisdom you would like on a topic...presents it basically, easily, and fast, with an “a-ha!” on each page...and exhibits precisely easy methods to placed it to paintings on your everyday life. effortless to learn, effortless to take advantage of, it’s all you must achieve retirement security--and shield it for the remainder of your life!
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Extra info for The Truth About Personal Finance (Collection)
Example text
Self-directed IRAs Truth 14. Stretch IRA Truth 15. Disclaimers Truth 16. Inheriting an IRA Truth 17. Maximizing IRA benefits for a surviving spouse Truth 18. Roth IRA for children Truth 19. IRA conversions Truth 20. SIMPLE IRA Truth 21. SEP IRA Truth 22. IRA effects on taxation of Social Security benefits Truth 23. Excess contributions to a Roth IRA Truth 24. 401(k) Truth 25. 401(k) fees Truth 26. IRA and 401(k) investments 101 Truth 27. What to do if you don’t like your 401(k) choices Truth 28.
As Will Rogers said, “I don’t know jokes. ” But the joke continues. The first distribution that you are required to take for the year in which you turn 70 1/2 may be taken in the next calendar year, but the distribution for the second year must be taken by December 31 in that year as well. This means that if you put off taking your first distribution until the year after you turn 70 1/2, you will end up having to take two distributions in one year. Obviously, this could have a potentially serious affect on your income tax bill by putting you into a higher tax bracket.
If your income is more than $55,000 but less than $65,000, you are entitled to a partial deduction. The amount of your deduction may be calculated on forms found in IRS Publication 590. If your income is $65,000 or more, you may not deduct any of your contribution to your traditional IRA. Even if you are not eligible to deduct any of your contribution to your traditional IRA, an IRA is still a good investment in your retirement; however, if you are eligible for a Roth IRA, you are better off making a Roth IRA your IRA of choice for your nondeductible contribution.