Richard Rubin and Margaret Collins at Bloomberg News recently reported that conversions from traditional IRAs to Roth IRAs increased more than nine times in 2010, according to the Internal Revenue Service. Taxpayers converted $64.8 billion in 2010, as compared to $6.8 billion in 2009. This was the first year that Roth conversions were greater than…
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Traditional Individual Retirement Accounts (IRAs) and Roth IRAs have been around for some time now. For those of you unfamiliar with the difference, a Roth is the inverse of a traditional IRA. That is, contributions made to a traditional IRA are tax deductible when made, but taxed when withdrawn, typically beginning at age 71. With…
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Since we’re approaching the end of another fiscal year, this is a good time to start developing your tax strategies. Here are five tips to consider. Try to avoid selling investments that you have held for less than one year. The gains on such investments are taxed at the short-term capital gains tax rate, which…
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The Treasury Department and the Internal Revenue Service announced last week that they will apply the federal “married” tax treatment for same-sex married couples no matter where they live — even in the 37 states that don’t recognize their own citizens’ gay marriages. The guidance is part of the government’s implementation of the June 26…
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Now that the Powerball lottery has arrived in California, I thought it would be good to talk about the impact of unexpected or sudden wealth on one’s life. We’ve all probably dreamed at one time or another about how fantastic our lives would become if we could only win the lottery. I’ve no doubt there…
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There are a number of tools you can use to reduce taxes on the growth of your investments. You can contribute to a traditional IRA, where you get a tax deduction for the contribution plus tax-deferral on all gains until you retire. Or you can contribute to a Roth IRA. You don’t get the tax…
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