How to Avoid Penalties on Late IRA RMDs
If you own a traditional IRA, failing to take your required minimum distribution (RMD) can cost you far more than taking it and paying the associated income tax. Owners of traditional IRAs, SEP IRAs, and SIMPLE IRAs generally must begin taking RMDs the year they reach age 73. (Roth IRA owners are not subject to […]
HSAs After Death: What You Need to Know
Health Savings Accounts (HSAs) are a great way to save money. Unlike any other tax-advantaged account, they provide a triple tax benefit: Contributions are tax-deductible. Monies inside the HSA grow tax-free Withdrawals are tax-free if used for medical expenses. Withdrawals after age 65, if not used for medical expenses, are subject to regular income taxes. […]