The IRS allows, and even encourages, charitable donations from tax-advantaged retirement accounts such as an IRA. Not only can this help you efficiently do some good, but you can take a solid tax deduction in the process. Here's what you need to know. If you’re interested in making charitable donations, a financial advisor can help […] The post How to Donate to Charity With Money From Your IRA appeared first on SmartReads by SmartAsset.
As you age, the rules for withdrawing money from your IRA change. For many years, retirees had to start withdrawing money after age 70 1/2. Under new rules, you must start taking required minimum distributions (RMDs) every year after age 73, or face steep IRS penalties. While the specifics can get complicated, the basics boil […] The post Rules for Cashing Out Your IRA After Age 70 appeared first on SmartReads by SmartAsset.
Saving for a down payment can be a significant obstacle for first-time homebuyers. If a child or grandchild is struggling to become a homeowner, you may want to help them out with the assets you’ve managed to accrue. A recent report from J.P. Morgan outlined several techniques that can help parents and grandparents lend a […] The post Here's How to Help Your Child (or Grandchild) Buy a Home appeared first on SmartReads by SmartAsset.
A judge ruled that a Florida couple is liable for taxes on $1.2 million in retirement income, much of which was fraudulently taken from them by their own daughter.