“Exceptions to the 10% Penaltyfor Early IRA Withdrawals” To get my complete articlewith all the details… If you’re in a pinch, and want to withdraw money from your IRA before you turn 59 ½, be careful. You see, you may have to pay a hefty price for that withdrawal. Here’s the story. Most traditional IRA withdrawals are at least partially taxable. The … [Read more...]
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Did You Overfund a Section 529 Plan? Consider a Roth IRA Rollover
“Did You Overfunda Section 529 Plan?Consider a Roth IRA Rollover” To get my complete articlewith all the details… Looking for a great way to help pay for a childs', or other family member’s, college education? Consider establishing a Section 529 college savings plan. These plans are not federally tax-deductible (they are deductible in many states). What’s … [Read more...]
Tax Quiz – Sell Stock at a Loss to Your Daughter
“Tax Quiz - Sell Stock at aLoss to Your Daughter” To get my complete articlewith all the details… Say you bought stock in 2022 for $17,000. In 2024, you sell this stock to your daughter at fair market value for $9,000. What is the loss deduction you may claim on your 2024 tax return? $0 $3,000 $8,000 $9,000 Answer Correct answer: $0. You may not … [Read more...]
Overfunded 529 College Savings Accounts
“Overfunded 529College Savings Accounts” To get my complete, FREE articlewith all the details… Funding a 529 college savings account can be a great idea. But what happens if you overfund your 529 plan? In this issue of the Tax Reduction Letter, I’ll provide you with flexible strategies that help solve a wide range of problems. Scenario #1: What happens to … [Read more...]
2023 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
“2023 Last-Minute Year-EndTax Strategies forYour Stock Portfolio” To get my complete, FREE articlewith all the details… You may have some stocks that are down time but that doesn’t mean you can’t take steps to lessen the damage...if you act by December 31. Check out these seven strategies that are spelled out in in my article. Strategy #1: … [Read more...]