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The credit bureaus are pushing consumers to lock their credit instead of freeze it, but there are reasons to be wary. Consumers worried about identity theft after the Equifax data breach are being encouraged by all three credit bureaus...Read More
What is an RMD (required minimum distribution)?An RMD is the minimum amount that must be withdrawn from a retirement account each year. When are your subject to RMD’s? Traditional IRA owners are subject to RMDs beginning in the...Read More
Who is A Spousal Beneficiary? A spousal beneficiary must be married to the account owner at the time of the account owner’s death and he or she must be named on the beneficiary form (or inherit directly through the document...Read More
What is the 10% penalty? A 10% early distribution penalty applies to taxable distributions made before age 59 ½. Distributions made after age 59 ½ are not subject to the 10% early distribution penalty. Exceptions: Age 55...Read More
What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit is $5,500 ($6,500 for individuals age 50 or older) for 2017. It can also be split...Read More
What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three. To determine of what your distribution consists, you must use “ordering rules...Read More