Woe to the taxpayer who runs afoul of the numerous and confusing IRA rules. There are forms to file, contributions to make, distributions to take, and penalties to avoid. While corrections are possible, it’s best to avoid mistakes in the first place.

Here’s what you need to know.

IRA or 401(k)? Know the key differences between these two popular retirement plans to ensure you are saving in the right account.

The five

The SECURE Act is by far the biggest retirement-oriented legislation to be enacted in over a decade. Many Americans are left wondering, “What does this mean for me?”

Here’s what you need to know.

Roth 401(k)s and Roth IRAs share the ultimate goal of tax-free distributions of earnings, but they are governed by different rules along the way.

This side-by-side comparison can help determine which vehicle suits your needs best.

A spouse who inherits an IRA or similar account has a couple of options available depending on what the end goals are. But in most cases, the 99% rule offers flexibility and helps preserve the stretch.

Here’s why:

Woe to the taxpayer who runs afoul of the numerous and confusing IRA rules. There are forms to file, contributions to make, distributions to take, and penalties to avoid. While corrections are possible, it’s best to avoid mistakes in the first place.

Here’s what you need to know.

For some time now, the cost of a college degree has been rising at perilously high rates, and as a result, the dream of one day going to college, for many, remains just that… a dream.

Consider this…

Paying the penalty may be worth it if the end result increases your assets. A case of a couple saving for retirement shows that a penalty is a small price to pay in building a bigger nest egg.

Read more here

If you are an IRA owner interested in donating to charity, a qualified charitable distribution may be an option.

These 10 rules outline how a QCD should be done.

Qualified charitable distributions from an IRA provide individuals over 70½ with a way to receive income tax savings on charitable gifts—even if they decide to take the newly increased standard deduction.

Helpful pointers

When was the last time you examined your will or trusts? How about power of attorney or plans to gift assets? Under the new tax act, only eight per 10,000 estates will owe federal estate tax—at least until the act sunsets.

That means all of this needs to be reviewed.

If you are wealthy and reaching your distribution phase, your high-balance retirement accounts can create some burdensome tax situations, particularly when it comes to legacy planning.

Here are five potential pitfalls you should be aware of.