AMJ Financial Blog

Tag Archive: IRA

Calculating an IRD Deduction

Have you recently inherited a loved one’s retirement assets? You should know that there is an income tax deduction available to you called the income in respect of a decedent, or IRD, deduction. When certain inherited assets are hit with both federal estate and income tax, this deduction can help offset the impact. Your IRD… Read More

Calculate your RMD in 5 Easy Steps

One of the greatest advantages of retirement savings accounts are the opportunities for tax-deferred or tax-free growth; however, the government sets a time limit on how long these benefits can last by way of establishing required minimum distributions (RMDs). An RMD is the minimum amount that must be taken out of your retirement accounts each… Read More

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TAX – Calculating the Pro-Rata Rule in 5 Easy Steps

If you hold both pre-tax and after-tax money in your IRA, you’ve likely heard of the pro-rata rule. It’s important to understand how this rule is calculated and how it can impact your retirement funds. In simple terms, the pro-rata rule is used to determine how much of a distribution is taxable when you have… Read More

Estate Planning: Using Power of Attorney for an IRA

There may come a point in your life where you will need to select a loved one to make significant financial decisions on your behalf. This process is by no means easy, but in the event that you are unwilling or unable to manage your own finances, having someone assigned as a power of attorney… Read More

The Modern Family Conundrum

Spousal IRA beneficiary planning can get confusing, and if you’re a widow who has inherited an IRA from your spouse, you may unsure of how to handle the assets. You can remain a beneficiary of the account, which would allow you take penalty-free distributions before you reach age 59½, or you can choose a spousal… Read More

Planning for Multiple Beneficiaries – 5 Easy Steps

If you have more than one person in your life that you’d like to include in your legacy plan, you may be considering listing multiple IRA beneficiaries. While this option is a great way to leave your assets to multiple loved ones, it can also leave your beneficiaries in a messy situation if not set… Read More

IRAs – Six Options for Retirement Plan Funds

Leaving an employer? Six Options for Retirement Plan Funds Accepting a new job or transitioning into retirement can be both exciting and overwhelming. Figuring out how to handle your current employer’s retirement plan funds may not be at the top of your priority list, but with several options to consider, it’s crucial that you take… Read More

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The Spousal IRA Beneficiary Decision Tree

Deciding how to handle your inherited IRA once your spouse passes can be a daunting task, especially during an emotional time of loss. With three different options available, how do you know which one best fits you and your financial situation? Your age and that of your spouse typically plays the largest role in making… Read More

Using a Tax Refund to Fund an IRA in 5 Easy Steps

If you’ve recently received a tax refund, you may be looking for the best way to invest your money. What if you could utilize an option that is both convenient and helps fund your future? April 18 is not just the tax-filing deadline, but it’s also the IRA-funding deadline, and if you haven’t yet maxed… Read More

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2017 Retirement Plan Contribution Limits

You’ve probably been told that one of the smartest financial moves to make is investing in your future by maxing out your retirement plan contributions. Traditional IRA and Roth IRA investors have had the same $5,500 limit for years, with a $1,000 catch-up contribution option for those 50 years of age or older. However, there… Read More