TaxAudit Blog

Tag: 401k

RMD - Required Minimum Distributions

An RMD is a required minimum distribution from a retirement account such as a Traditional IRA or defined contribution plan (like a 401k).

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401k binder on desk

While there are several ways to save on your tax bill, one of the easiest ways is to put money away for retirement.

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Inheritance on top of money

Generally, when you inherit money it is tax-free to you as a beneficiary. However, like so much in tax law, the answer to this question is “it depends.”

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Jar with retirement savings

For some of us, retirement seems like an eternity away; for others, it is just around the corner. It is never too early to start saving for the future.

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Retired couple relaxing on a boat

I have a confession to make: I’m thirty, single and have about a hundred dollars in my savings account. In addition, I have no retirement plan!

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TAX spelled out with tiles

Want to pay less taxes on inherited retirement accounts? Beneficiaries have options available that  may result in increased benefits and less taxes due.

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Retirement Ahead Sign

Did you retire this year or turn 70 prior to July 1st? You may have think about Required Minimum Distributions (RMDs).

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Required Minimum Distributions

When you reach a certain age the government requires that you withdraw money every year from many of your pre-tax retirement accounts, such as IRAs and 401ks.

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Financial charts and graphs

I recently filled out an online tool on a financial advisor website. It had some catchy feel good name like Dream Catcher or something of the like.

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Retirement Ahead Sign

If you are a 20 or 30 something - people in this age group should have saving for retirement at the top of their list of things to do.

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Piggy bank

Under 59½? Need some extra cash? Don’t use your retirement! It isn’t a savings account or a piggy bank to be used to buy an extra pizza on Saturday night

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401k nest egg

If your employer allows you to borrow money against your 401(k), you are essentially using the 401(k) balance as collateral for the loan and you usually make...

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Pie Chart with 1/3 a 1040 tax form

Enter Dave Du Val! Dave is our Vice President of Customer Advocacy and among many other things, a tax expert. He sat down with me and set my head straight.

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