AAII Survey: How Readers Would Change the U.S. Tax Code

After weeks of speculation, Congressional Republicans unveiled their tax reform legislation late last week. Among the items it didn’t include was a cut to contribution limits to 401(k) retirement plans, a move lawmakers were reportedly considering to help balance the tax cuts planned for high-income earners and businesses. According to the language in the tax reform proposal, it…

 

Limiting Required Minimum Distribution Costs

The IRS requires that funds be withdrawn from nearly all retirement accounts, including traditional IRAs, 401(k) plans, and SEPs. These withdrawals are known as required minimum distributions, or simply RMDs. Once a retiree turns age 70½, the withdrawals must be made annually. (Roth IRAs are notably exempt from this rule, and a retiree has until…

 

RMD Deadline Approaching

My mom turned 70 this past April, which meant in October she started taking her required minimum distributions (RMD) from her individual retirement accounts. In an article for ConsumerAffairs.com, James Limbach offered a reminder to anyone born before July 1, 1945, that time is running out to take their own RMDs. If you fall into…

 

Tax-Loss Harvesting

In a recent article for Financial-Planning.com, Kimberly Foss discusses the basics of tax-loss harvesting, something many investors may be facing as the end of the year draws near. Tax-loss harvesting occurs when an investor sells a position for a loss. These losses can first be used to offset any gains they generated for the current year….