IRAs Archives - Page 2 of 2 - Charles W. Rawl & Associates, LLC

Tax-Savvy Charitable Giving With QCDs Can Benefit Both Giver and Receiver

A qualified charitable distribution, or QCD, might be the answer for you – but watch those rules. Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that. What approach is efficient, provides the tax benefits you’re after, and also is advantageous for the charity that’s on the receiving end? One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations, whether you itemize deductions on your [...]

By cwrawl|October 12, 2022|Categories: Articles, Smart Investing|Tags: As seen in Kiplinger, IRAs, QCDs, Taxes|

Internal Revenue Service Waives 50% Penalty for Missed 2021 and 2022 RMDs within the 10-Year Period

By Ian Berger, JD IRA Analyst Last Friday (October 7, 2022), the IRS waived the 50% penalty on missed 2021 and 2022 inherited retirement account RMDs for beneficiaries subject to the SECURE Act 10-year payout period. The guidance was in IRS Notice 2022-53. The Notice says the IRS will not impose the penalty for missed 2021 or 2022 RMDs within the 10-year period if the account owner died in 2020 on or after his required beginning date with a beneficiary who is not an eligible designated beneficiary (“EDB”). (The [...]

By cwrawl|October 10, 2022|Categories: Articles, IRA Best Practices|Tags: IRAs, IRS, RMDs|

Q&A Inherited IRAs

The SECURE Act changed some of the rules for inherited IRAs. It is important to understand these rules so that you can be Tax Savvy and Income Maximized in retirement. By Andy Ives, CFP®, AIF® IRA Analyst Each week, the Ed Slott team answers questions from financial advisors across the country. Sometimes we see a pattern in repeating questions, sometimes the questions are relatively basic, and sometimes they are real stumpers. We never know what the next phone call or email will bring. Recently, we’ve fielded a [...]

By cwrawl|August 3, 2022|Categories: Articles, Life Insurance|Tags: IRAs, QCDs, RMDs|

RMD Aggregation and Age Requirements of Roth and Traditional IRA Accounts

By Sarah Brenner, JD Director of Retirement Education Question: Can an RMD from an inherited IRA be taken out of your own traditional IRA? Jack Answer: Hi Jack, Aggregation of required minimum distributions (RMDs) can be complicated and we get a lot of questions on this topic. You can aggregate RMDs and take the total amount from one IRA in some cases. For example, if you have more than one of your own IRAs, you can aggregate your RMDs from each and take the full amount from one IRA. [...]

By cwrawl|July 28, 2022|Categories: Articles, Life Insurance|Tags: IRAs, RMDs|

Last-Minute IRA Tax Deadlines and Rules

April 18 is Tax Day for 2022. It is delayed from the 15th because the IRS offices were closed Friday. Generally speaking, each taxpayer’s bill to the U.S. Treasury is settled at this point, but there are exceptions. Read this Slott Report for insights. Going forward, now is the time to be planning for 2023 and future years. Becoming Tax Saavy throughout your retirement years requires years of advance planning and is an ongoing process. Tax laws will remain dynamic and will never be static. By Andy [...]

By cwrawl|April 18, 2022|Categories: Articles, IRA Best Practices|Tags: IRAs, Taxes|

SECURE Act Rules Impact Owners of Inherited IRAs

Owners of inherited IRAs may be in for a jolt. In a surprise announcement, annual required minimum distributions (RMDs) will be required for those who recently inherited individual retirement accounts (IRAs). In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020 and put in place a “10-year rule.” It was expected that the IRA balance would be required to be withdrawn by the end of that 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were [...]

By cwrawl|March 18, 2022|Categories: Articles, News|Tags: Beneficiaries, IRAs, Taxes|

The Most Controversial Part of the New IRS Regulations

The IRS has flip-flopped! In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020. A new “10-year rule” was put in place and experts believed the IRA balance had to be withdrawn by the end of the 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were not required. Two weeks ago, the IRS released the long-awaited SECURE Act RMD proposed regulations and flip-flopped. If annual RMDs are required, some taxpayers could already be in trouble. [...]

By cwrawl|March 7, 2022|Categories: Articles, IRA Best Practices|Tags: Beneficiaries, IRAs, IRS, Taxes|

Clarifying Some Roth Conversion Misconceptions

Roth IRAs can be a valuable tool to help make your retirement income plan Tax Savvy, which in turn makes it easier for your plan to become Income Maximized. Many people believe they are not eligible for a Roth IRA. While they may not be eligible to contribute to a Roth IRA, anyone can do a Roth Conversion. Prepared by Andy Ives, CFP®, AIF® IRA Analyst for Ed Slott and Company As Roth IRA conversions become more popular, questions and misconceptions abound. In no particular order, here [...]

By cwrawl|November 8, 2021|Categories: Articles, IRA Best Practices|Tags: IRAs|

Charlie Rawl is keenly focused on helping his clients work toward their retirement dreams through a comprehensive financial strategy. He has distinguished himself throughout his career as a troubleshooter and problem-solver, designing and implementing creative solutions to often-complex challenges.

He has three decades of experience in financial services, encompassing commercial banking, insurance and investment management. This diverse experience gives him an invaluable perspective in conducting detailed analyses and creating state-of-the-art wealth management and retirement income solutions.