In this episode of Adam Live, Adam Bergman, Esq., founder of IRA Financial, will discuss tax and retirement planning strategies as we approach the end of the year. December 31 is the last day you can take advantage of many tax-saving opportunities.In this Live, Adam will discuss the following key points:*IRA and Roth IRA Contributions*Setting Up and Contributing to a Solo 401(k) or SEP IRA*Roth Conversions and Backdoor Roth IRA and 401(k)*Required Minimum Distributions*Standard vs. Itemized Deductions*Expanded Child Tax Credit*Medical Expenses*Self-Employed Health Care Premiums*Student Loans*Charitable Giving*Harvesting Losses*SALT Deductions*Capital Gains/Losses*Repayment of Coronavirus Related Distributions*529 ContributionsAbout IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.Learn More: https://www.irafinancialgroup.com/about-us/#Taxes #Retirement #Solo401k #401k #IRA #SelfDirectedIRA #2021YearEndTaxPlanning #TaxPlanning #RetirementPlanning #Roth #RothConversion #BackdoorRoth #SelfEmployed #TaxCredit #TaxDeductions #RMD #ChildTaxCredit #CapitalGains #MedicalExpenses #StudentLoans #CoronavirusRelief #HarvestingLosses #SALT #529
IRA Required Minimum Distributions – Have you ever looked at Required Minimum Distributions? Have you ever wondered, what is a RMD or what is a required minimum distribution or what are the required minimum distribution rules? If you have looked at required minimum distribution, you would benefit from Understanding Your Options. Sometimes they go by the acronym RMD. Required minimum distributions can be a part of Retirement Planning. Most have a goal of retiring comfortably and if you secure your retirement this video is a must watch.#IRARequiredMinimumDistributions #Retirementplanning #SecureyourretirementTo get more retirement tips visit www.POMwealth.net/blog and register for the free online Master Class – 3 Keys To Secure Your RetirementListen to our podcast “Secure Your Retirement” https://pomwealth.net/podcast/🔴 Subscribe for more content on YouTube: https://www.youtube.com/channel/UCJ_gBebHyggcBmZjzvL9A9Q?sub_confirmation=1😀 Say hi on social: Facebook: https://www.facebook.com/POMwealthInstagram: https://www.instagram.com/radonstancilcfp/LinkedIn: https://www.linkedin.com/in/radonstancil/https://www.youtube.com/watch?v=i0M9WGNjLrw
How Is Beneficiary IRA Taxed? #shorts #retirement #taxesClick Here For More Retirement Planning Videos: https://bit.ly/3wH3mgbFull Video Here: https://youtu.be/eMbfz0hrQdUHow Do Inherited IRA’s work? || When Must Inherited Ira Distributions Start?In this video, I want to talk about how inherited IRA’s work for non-spouse beneficiaries. If you are someone who has an inherited IRA from someone who is not your spouse, you have 10 years to distribute the entire IRA account and pay the taxes. This new rule went into place after the SECURE ACT was signed late in 2019. Now, if you had an inherited IRA BEFORE Jan 1 2020, the old rules for distributing your inherited IRA are still in effect. Let me give you the old Inherited IRA rules first, and then we will discuss the new inherited IRA rules and when must inherited ira distribution rules start.Old Inherited IRA Distribution Rules (Pre Jan 1, 2020):1. 5 Year Rule-You can take 5 equal distributions from your inherited IRA over 5 years2. Stretch Option-You can stretch the inherited IRA over your lifetime and take a calculated Required Minimum Distribution (or RMD) from the inherited IRA every year over your life (If you pass away and your inherited IRA is inherited by your beneficiary, they then must distribute the entire balance in that year).New Inherited IRA Rules (Post Jan 1, 2020)1. 10 Year Distribution Option-You must distribute the inherited IRA over a 10 year span. Does not matter how you distribute the inherited IRA, it just needs to be distributed over 10 years and the taxes paid. There are 3 exceptions to the 10 year inherited IRA rule:1. A Special Needs Trust Inherits the IRA (No 10 year rule)2. You are disabled or Terminally Ill (No 10 year rule)3. Minor (You are a minor child of the deceased)Now that we understand HOW the inherited must be distributed, let’s talk about the taxes on the distributions from the inherited IRA. If you are on Social Security or Medicare, you want to make sure that you are monitoring your inherited IRA distributions so not to effect your Medicare taxes (IRMAA Tax). If your retirement income exceeds certain levels, your Medicare part B premium can be increased over a 12 month period only coming down once you file your next years tax return and show lower income. That is why it is so important to do tactical tax planning if you inherit an IRA from a non-spouse when you are on social security or Medicare. Another situation to be aware of is if you inherit an IRA when you are working. Any distributions you take out of the inherited IRA could push your traditional income into another tax bracket (meaning you pay more taxes) and could push you above the allowable limit for contributing to retirement plans. Again, that is why it is so important to do tactical tax planning if you have an inherited IRA.If you have an inherited IRA and want to make sure that you are being the most efficient with your taxes, investments, and overall distributions with your inherited IRA, contact me at https://pearlwealthgroup.com/contact/ and let’s discuss ways to navigate your inherited IRA and the taxes involved. Click Here to Subscribe: https://bit.ly/3wH3mgb**Free Retirement Download: The Roadmap to Retirement:**https://yourfinancialekg.com/#download
Please join Friday 11/5 @ 2:30 PM EST as Harvard Law Attorney & Self-Employed Retirement Expert George Blower provides an update on the recent House Proposal that re-introduces the recently proposed ban on Backdoor Roth IRA and 401k plans.LEARN MORE:https://www.mysolo401k.net/back-again-backdoor-roth-and-mega-backdoor-roth-added-back-to-pending-reconciliation-bill-build-back-better-act-of-2021/https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:-The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older).-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.-401k participant loans of up to $50,000-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.Open an Account: https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/Learn More: https://www.mysolo401k.net/solo-401k/Subscribe to our channel for weekly educational webinars: https://www.youtube.com/channel/UC1vw56qJEnK7DBNqCmeapcgFor over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB).
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