The tax rules and regulations surrounding IRAs and other types of retirement savings accounts can be mind-boggling:
- Did you know that a non-working spouse can contribute to a traditional IRA account based on the working partner’s compensation?
- Did you know that the beneficiary distribution requirements are different for spouses versus other beneficiaries?
- Did you know that if annual minimum distributions are not made after the account holder turns 70½, the penalty can be 50% of the amount not distributed?
And that’s just the tip of the iceberg when it comes to the tax laws surrounding retirement accounts. It’s no wonder that so many taxpayers get completely confused about their IRAs and other retirement savings accounts.
If you’re pondering the tax implications of a particular retirement strategy, be sure to consult the trusted tax advisors at Taxation Solutions, Inc. in Arlington. We’re experienced tax help professionals with over 40 years of assisting individual and business taxpayers with tax questions and problems. We always strive to use our knowledge of tax regulations and programs to aid you in making the best financial decisions for your family and your goals. Think of us as your navigator as you work to safely arrive at your retirement destination.
If you have questions about types of retirement accounts, contribution limits, distribution requirements, or other tax-related issues, Taxation Solutions, Inc. is here to help. Contact us today to get started on the answers you need!