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Taking distributions from a traditional IRA
December 1, 2020
Categories: Business, General, Investments, Retirement
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes: Early distributions. What if you need to take money out of a traditional IRA before age 59½?
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A nonworking spouse can still have an IRA
June 2, 2020
Categories: Retirement, Tax
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” IRA. It allows a contribution to be made for a nonworking spouse. Under the spousal IRA rules, the amount that a married couple can contribute