There is a long-standing scientific theory about the size of a mammal’s body relative to its brain offers an indication of intelligence. The findings of a recent study seem to debunk that idea, reported Science Daily. An international team of scientists investigated how the brain and body sizes of 1,400 living and
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Murray: Loophole opens back door to Roth IRAs By: Stacy Murray Guest Columnist April 28, 2021
Stacy Murray
With President Biden and Congress looking at a federal tax increase in 2021, this may be the time to consider converting savings from a traditional IRA into a Roth account for tax-friendly features that benefit retirees and their families.
Roth IRAs were created by Congress as part of the Taxpayer Relief Act of 1997, allowing people to deposit after-tax income into retirement accounts. In return for paying taxes up-front, savers see fewer restrictions and there are no taxes on growth or withdrawals.
But Roth accounts were not created for everyone. Income limits have prohibited high-earning retirement savers from opening Roth accounts, but there is a loophole in the tax code that allows higher earners to benefit from the retirement savings option.
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April 24, 2021 7:09 AM newsfeedback@fool.com (Charlene Rhinehart, CPA)
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April 24, 2021 12:50 PM
The Roth IRA has often been called the holy grail of retirement accounts, and there are good reasons why. It’s a magic bullet for savers who want to use money they’ve already paid taxes on to invest in assets that can supercharge their portfolio growth.
Although the Roth IRA is often touted for the unique combination of benefits it offers to retirement savers, some of its perks often go overlooked. Here are four that you should know about.
Image source: Getty Images.
1. You’ll gain access to potentially unlimited tax-free income in retirement
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