Coronavirus-related Distribution – Part 3
In part 2 of Assessing Retirement Funds According to the CARES Act we discussed 401(k) Loans versus 401(k) Distributions if you are impacted by the coronavirus and what happens if you take a withdrawal vs a loan and what the bottom line is. Part 3 below talks about considering a coronavirus-related distribution. Still considering a […]
The SECURE Act and you
The SECURE Act and you This new legislation aims to improve retirement security for many Americans. SECURE Act becomes law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, includes many bi-partisan reforms that increase access to workplace plans and expand retirement savings. The important retirement legislation reflects policy changes to defined […]
Roth IRA conversions can deliver some lucrative hidden benefits
Roth IRA conversions can deliver some lucrative hidden benefits You might ask how does the Roth IRA conversions deliver some lucrative hidden benefits? Lets first go over the basics. Unlike traditional IRAs whose distributions are taxed, their Roth counterparts generally come with tax-free distributions once you reach age 59½. They also come with no required […]
The IRS and Cryptocurrency
The IRS and Cryptocurrency According to IRS Notice 2014-21, Bitcoin and other cryptocurrencies should be treated as property for tax purposes — not as currency. This is true for all cryptocurrencies such as Ethereum, Litecoin, XRP, etc. Earlier in 2019, the IRS sent warning letters to taxpayers who have made virtual currency transactions, telling them to pay back taxes […]