Personal Finance
Latest Personal Finance News
Can I Collect Part of My Parent’s Social Security? Here’s the Truth Most People Get Wrong.
One common misconception is that any adult child can request a share of a parent’s Social Security check simply because…
Retiring at 65 With $1.6 Million in a 401(k)? Your Biggest Tax Problem May Be Just 10 Years Away
Retiring at 65 with $1.6 million in a 401(k) could set you up for a much larger tax bill 10…
Unrealized Gains: Favorable vs. Unfavorable Tax Treatment
An investment can increase substantially in value without creating an immediate federal income tax bill. In a taxable account, gains…
Trust 65-Day Rule: How Distributions Affect Beneficiary Taxes
The 65-day rule can give certain trusts more flexibility when deciding when to distribute income to beneficiaries. The IRS may…
How Are Annuities Taxed? Withdrawals, Payouts and Penalties
Annuities can look tax-friendly because your money grows without an annual tax bill, but the real surprise often comes when…
Successor Beneficiary of Inherited IRA: Rules, Options and Tax
A successor beneficiary is someone who inherits an individual retirement account (IRA) from a prior beneficiary rather than directly from…
I Inherited an IRA That Was Already Inherited. These Are the Rules Nobody Warned Me About.
You inherited an IRA from a beneficiary, not the original owner. That distinction matters because you generally assume the existing…
How Much Does a Dependent Reduce Taxes on a Paycheck?
Claiming a dependent does not reduce the taxes taken from each paycheck by a fixed amount. Instead, dependents may make…
TSP Roth Conversion: Tax Rules and Examples
Federal employees with traditional Thrift Savings Plans can now convert money to a Roth TSP. This moves their future qualified…
The Average 401(k) Balance Is $351,242. Ignoring This Tax Rule Can Cost You Thousands.
The average 401(k) balance is about $351,242, but taxes can reduce how much of that money is available to spend.1…
