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Business Q&A: If you have IRA questions, here's what to know about the pro-rata rule

Financial planner Dan Moisand says 'The pro-rata rule starts off simple enough.' But there's more you should know about it.

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How Do I Know If I'm Putting Enough Money in My Roth IRA Every Month?

Setting aside money regularly is one of the surest ways to save for retirement–especially when you take advantage of tax savings over time. Though some retirement accounts are tax-deferred, one popular option that isn't tax-deferred is a Roth IRA. However, … Continue reading → The post How Much to Put in a Roth IRA per Month appeared first on SmartAsset Blog.

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Quiz Yourself on Financial Literacy With These 8 Expert Questions

Ours is a nation with shockingly poor financial literacy. Many Americans don't comprehend common, elementary financial terms such as "Roth IRA" and "mutual funds." The lack of understanding money and...

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These 3 Long-Term Investment Accounts Offer a World of Flexibility

Some tax-advantaged accounts could benefit you tremendously through the years. Read on to learn more about three you may want to consider.

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3 Signs You're Not Taking Advantage of Tax-Deferred Savings

Tax-advantaged accounts for retirement and healthcare savings let you delay paying income taxes on contributions and any earnings until it's time to make withdrawals. Such accounts could save you...

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What taxes are due on a Roth IRA conversion?

Considering a Roth IRA conversion? Don’t overlook the tax bill.

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You're looking at retirement and want to boost savings: Which IRA is the best choice?

With a Roth IRA, you do not get a deduction when you contribute. However, when you distribute the funds after age 59½, every penny will be tax-free.

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Brokerage Account vs. IRA: Which Is the Best Way To Invest?

In a best-case scenario, you max out your 401(k) every year and get matching funds from your employer. But maybe you still have money left to invest to build your retirement nest egg. You might wonder...

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I'm 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs?

At age 55 with $900,000 in a traditional individual retirement account (IRA), converting $100,000 per year to a Roth IRA could help reduce required minimum distributions (RMDs) and related taxes in retirement. Although Roth conversions create current tax liabilities, paying taxes now may result in more predictable and lower lifetime taxes. Taking an incremental Roth […] The post I'm 55 With $900,000 in an IRA. Should I Convert $100,000 Per Year to a Roth to Avoid RMDs? appeared first on SmartRea

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We Will Make Over $300,000 Combined This Year. Can We Use a Backdoor Roth to Reduce Taxes?

High-income households can use what's called a "backdoor Roth" to utilize a Roth IRA despite the program's standard income restrictions. This can be an effective way to build a tax-free stream of income for your retirement, and it is a completely legal strategy. Whether this method will reduce your taxes depends heavily on your tax […] The post We Will Make Over $300,000 Combined This Year. Can We Use a Backdoor Roth to Reduce Taxes? appeared first on SmartReads by SmartAsset.

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