If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (or a SEP-IRA). It’s critical to carefully plan for withdrawals. For example, if you need to take money out of your traditional IRA before age 59-1/2, the distribution will generally be taxable. In addition, distributions before age 59-1/2 may be subject to a 10% penalty tax. (However, several exceptions may allow you to avoid the penalty tax but not the regular income tax.) And once you reach age 70-1/2, distributions from a traditional IRA must begin. If you don’t withdraw the minimum amount each year, you may have to pay a 50% penalty tax on what should have been taken but wasn’t.
Now that most schools are out for the summer, you might be sending your children to day camp. The good news: You might be...
Financial restatements were up in 2018. Though restatements have a negative stigma, the uptick may not necessarily signal an increase in mismanagement or a...
If you send all of your not-for-profit’s email communications to every donor, volunteer, corporate sponsor and media member, some are likely to tune out...