Sunwook Jin, CFP®, CRPC®, CMFC®, EA The Internal Revenue Service (IRS) announced new contribution limits for 2022. While some limits stayed the same there were some changes to note. We’ll go over some here but be sure to keep an eye out for our yearly Tax-at-a-Glance handout that is always handy to have. Let’s start … Continue reading 2022 Contribution Limits Announced
Could Custodial IRAs Help Young Adults Buy Homes?
Sunwook Jin, CFP®, CRPC®, CMFC®, EA When I say Individual Retirement Account, I imagine your first thought is retirement savings, right? I mean, after all the word “retirement” is the middle word. You wouldn’t be wrong, most of the time IRAs or Roth IRAs are used with the intent of saving money for retirement. Especially … Continue reading Could Custodial IRAs Help Young Adults Buy Homes?
Did You Forget Your IRA Contribution for 2020?
Sunwook Jin, CFP®, CRPC®, CMFC®, EA There’s no worse feeling than that lingering voice in your head telling you forgot to do something. If that voice is telling you that you forgot to contribute to your IRA, you are in luck. Financially, many of us associate April with taxes – but we should also understand … Continue reading Did You Forget Your IRA Contribution for 2020?
2021 Limits for 401k, IRA and Roth IRA
Bill Gordon, AIF® On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. If you have any questions, reach out to us at Redwood. These limits are listed at http://www.irs.gov. 401(k)s. The salary deferral amount … Continue reading 2021 Limits for 401k, IRA and Roth IRA
Deadline to Return RMD Quickly Approaching
Sunwook Jin, CFP®, CRPC®, CMFC®, EA I recently wrote a blog about the enhanced RMD wavier that went into effect in June. You can find it here. Long story short, COVID-19 happened, and everything was instantly different. One of the actions that was taken by the Coronavirus Aid, Relief, and Economic Security Act, or CARES … Continue reading Deadline to Return RMD Quickly Approaching
Enhanced 2020 RMD Waivers (as of June 2020)
Sunwook Jin, CFP®, CRPC®, CMFC®, EA In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law. It was designed to help Americans impacted by the COVID-19 pandemic. The new law offered investors a financial break. One benefit of the CARES Act was it gave people the option to skip required minimum distributions … Continue reading Enhanced 2020 RMD Waivers (as of June 2020)
Can an IRA be in a Trust?
Bill Gordon, AIF® Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the IRA upon your passing, and your beneficiaries would then … Continue reading Can an IRA be in a Trust?