by mariettacp | Dec 6, 2010 | Money Tips, Tax Planning, Tax Tips
Convert your traditional IRA into a Roth IRA if doing so is expected to produce better long-term tax results for you and your beneficiaries. Distributions from a Roth IRA can be tax-free but the conversion will increase your adjusted gross income for 2010. However,...
by mariettacp | Dec 2, 2010 | Money Tips, Tax Planning, Tax Tips
If you have reached age 70 1/2, , another way to reduce your federal tax bill is to take required minimum distributions (RMD) from your IRA or 401(k) plan (or other employer-sponsored retired plan). Failure to take a required withdrawal can result in a penalty of 50%...
