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Tax Considerations

Income tax

Like other distributions from traditional IRAs and retirement plans, RMDs are generally subject to federal (and possibly state) income tax for the year in which you receive the distribution. However, a portion of the funds distributed to you may not be subject to tax if you have ever made after-tax contributions to your IRA or plan.

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What Are Required Minimum Distributions (RMDs)?

Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire).

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4 Ways to Double the Power of Your Tax Refund

The IRS expects that more than 70 percent of taxpayers will receive a refund in 2017. What you do with a tax refund is up to you, but here are some ideas that may make your refund twice as valuable.

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To Pay or Not to Pay: How to Survive a Ransomware Attack

Imagine this: You open an e-mail that seems to come from Google, prompting you to click a link to reset your password. But when you click, a mysterious .exe file downloads and launches. Slowly, all the files on your desktop turn into white paper icons, and the names of all your files turn into scrambled nonsense.

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What to Ask When Your child Moves Home

Facing heavy college debt burdens and an unpredictable job market, many young adults today are returning home to live with their parents. In fact, according to a recent study by the Pew Research Center, more than 32 percent of young adults lived with their parents in 2014—more than lived alone or with a spouse or partner. 

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Is It Too Late to Begin Saving for Retirement?

You are 45 years old and it dawns on you that your college days are looking further and further in your review view mirror and you can see the exit sign for retirement not too far down the road. As you sit down at your kitchen table to really assess your overall financial situation, you begin to ponder the life and financial mistakes you have made. You wonder to yourself, “Should I even bother trying to save? Is it too late for me begin saving for retirement?”

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5 Myths About IRA Investing

Many people in the United States are missing out on one of the best retirement opportunities of opening up an IRA account. Here are five myths that we can clear up so you can better understand how these powerful retirement vehicles can work for you.

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What Is the Best Way to Merge family Finances?

When you get married and take your vows, it goes something like this. I take you to be my lawful wife/husband/partner, to have and to hold, for better, for worse, for richer, for poorer, in sickness and health, until death do us part. It does say for richer or poorer, but unfortunately many couples across America just don’t spend time discussing money when they get married.

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10 Most Overlooked Tax Deductions

So you aren’t fretting at tax time, maybe it will make sense over the next 9 days to put together an effective year tax management strategy to keep as much of your hard earned dollars as possible in your wallet. Every CPA or accountant seems to have a slightly different slant on the tax code, but here are your smart money moves tips that may be able to help you increase your bottom line.

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6 Things to Do Before You Get Divorced

Divorce is never an easy thing to go through no matter what time in life this may happen to you. The trauma that it may create for you, your children, and other family members may make day to day financial decisions go to the bottom of the pile.

Many people wait to try to get their financial house in order after they complete the divorce proceedings.

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