The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.
Not everyone needs their required minimum distributions from their retirement accounts to make ends meet. If you don’t need your distribution, one option is to donate it to charity and not pay taxes on it.
A spending bill signed into law by the President contains major changes to retirement plans. The bipartisan legislation is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning.
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
Inheriting an IRA may seem like a good thing, but there can be tax consequences if you aren’t careful.
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.