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Top related persons:
Jacob Wackerhausen - 1 there's - 1 Dickson - 1 Judson Meinhart - 1
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Winston Salem , North Carolina
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Istock - 1 Vanguard - 1 Modera Wealth Management - 1

Search resuls for: "Judson Meinhart"


4 mentions found


☆ Inherited IRA rules are changing in 2025 — here's what beneficiaries need to know
  + stars: | 2024-10-17 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Jacob Wackerhausen | Istock | Getty ImagesWhat to know about the 10-year ruleBefore the Secure Act of 2019, heirs could "stretch" inherited IRA withdrawals over their lifetime, which helped reduce yearly taxes. But certain accounts inherited since 2020 are subject to the "10-year rule," meaning IRAs must be empty by the 10th year following the original account owner's death. The rule applies to heirs who are not a spouse, minor child, disabled, chronically ill or certain trusts. Since then, there's been confusion about whether the heirs subject to the 10-year rule needed to take yearly withdrawals, known as required minimum distributions, or RMDs. After years of waived penalties, the IRS in July confirmed certain heirs will need to begin yearly RMDs from inherited accounts starting in 2025.
Persons: Jacob Wackerhausen, there's, Dickson, Judson Meinhart Organizations: Istock, Vanguard, Modera Wealth Management Locations: Winston, Salem , North Carolina
☆ This move can trim or erase a tax bill if you had to sell stocks at a loss this year
  + stars: | 2022-11-07 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +6 min
That means many investors will have to sell assets at a loss, going against one of the most basic investing rules, to buy low and sell high. How tax loss harvesting works Investors who have sold assets at a loss this year from a brokerage account can use that to offset or even completely erase any capital gains taxes owed. If your losses exceed your capital gains or you didn't have any, you can deduct up to $3,000 of income from your federal tax bill. Evercore ISI in a Nov. 6 note made a list of such stocks that it sees as good buying opportunities if you sold a similar name for tax loss harvesting. Because of this, it may make sense to consult both a tax professional and a financial advisor to ensure you're using tax loss harvesting as efficiently as possible.
☆ One simple investing move can set you up for huge returns and a minimal tax bill
  + stars: | 2022-11-01 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +6 min
Typically, the money invested in a Roth IRA or Roth 401(k) is post-tax, meaning you've already paid the taxes on the amount contributed. An extreme example of this is investor and Palantir Technologies founder Peter Thiel, who grew a Roth IRA from $2,000 to about $5 billion in about two decades. Rules of conversion Converting assets to a Roth IRA can get around some of the other limitations on the accounts. Investors should also consider the bill they'll have by converting assets into a Roth IRA now. It also usually only makes sense to do a Roth conversion if you see your tax rate increasing in the future.
☆ Higher-income Medicare beneficiaries may face smaller premium surcharges in 2023. Here are tips for reducing or avoiding those extra amounts
  + stars: | 2022-09-29 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +5 min
Shapecharge | E+ | Getty ImagesIf you're a higher-income Medicare beneficiary, you may be paying less in extra premium charges in 2023 than you were this year. The higher your income, the higher the charge. "You pay a little more now to avoid higher tax brackets or IRMAA brackets later on," Meinhart said. RMDs are amounts that must be withdrawn from traditional IRAs, as well as both traditional and Roth 401(k) accounts, once you reach age 72. For investments whose sale you can time, it's also important to remember the benefits of tax-loss harvesting as a way to minimize your taxable income.
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