The combination of Trump's policies of high tariffs together with mass deportation of undocumented immigrants, will create a vise effect, resulting in inflation, probably together with recession, and a general mess in the U.S. economy.
Ideas and information about planning for your family’s financial future
Prepare now for the Great Trump Tax Shift
The Trump proposal is estimated to raise another $524 billion. According to the Peterson Institute for International Economics, the additional cost for a middle-income household would be about $1,700.
Rollover inherited retirement accounts carefully
A rollover from an inherited "traditional" (taxable) employer retirement plan, like a 401(k) account, to an inherited beneficiary traditional IRA account might be accidentally disqualified.
Should a surviving spouse roll over an inherited retirement account?
When someone passes away is one time it's essential to consult with an estate planning lawyer, a tax advisor like a CPA or enrolled agent, and possibly a financial planner.
Big Brother wants to watch EVEN MORE!
Under the Notice of Proposed Rulemaking, transfers to a legal entity, including a TRUST, corporation, partnership, limited partnership or limited liability company, of residential real estate of up to four units and unimproved land zoned for occupancy by one to four families that don't involve financing through a financial institution would have to be reported on a Real Estate Report to FinCEN within 30 days or a sale or transfer, and copies kept by the reporting person and other parties for five years.
Age 72 during 2023? You might get an extra IRA rollover
If you received a scheduled required minimum distribution from an IRA because you reached age 72 this year, the IRS just gave you a "mulligan". (This relief also applies for a surviving spouse.) The IRS has announced you may roll the distribution back to the account no later than September 30, 2023.
NFTs are a No-No for retirement accounts
The purchase of a collectible by a retirement account, including a 401(k), Roth or IRA account, is treated as a distribution, which could be taxable income for the account owner.
Reached age 72 in 2023? No RMD required.
Retirement account owners who reach age 72 during 2023 aren't required to take a minimum distribution from their retirement accounts for this year.
Penalties still apply for some missed 2021 and 2022 distributions from inherited retirement accounts
The penalty is waived for inherited accounts subject to a new rule in proposed regulations implementing the SECURE Act of 2019.
Budget Act includes major retirement account provisions
Here are some highlights of the retirement account provisions of SECURE 2.0 Act of 2022.