Author - [email protected] (Jim Blankenship)

1
Wash Sale Rules and IRAs
2
IRA Charitable Distributions – If You’re Less Than Age 70½
3
The Impact of Zero Years
4
A Good Reason to Not Convert to Roth
5
Earnings Tests in the Year You Begin Benefits

Wash Sale Rules and IRAs

Do you know how the wash sale rule applies to IRAs? You need to be careful about what you’re doing when harvesting tax losses.

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IRA Charitable Distributions – If You’re Less Than Age 70½

Can you make IRA charitable distributions before age 70½? What are the tax consequences for doing this? How does it all work?

The post IRA Charitable Distributions – If You’re Less Than Age 70½ appeared first on Getting Your Financial Ducks In A Row.

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The Impact of Zero Years

Remember when we talked about how your Social Security Benefit is calculated? Your highest 35 earning years during your career are put into a formula, and the earnings are indexed, then averaged by dividing the result by 420, the number of months in 35 years. And if you have less than 35 years of earnings, those years without earnings are counted as zeros… So, you can guess what might happen when you have years with zero earnings in your record. Naturally your average is going to be reduced (perhaps dramatically) by any year when you had zero earnings. Let’s say you have 35 years of earnings at the maximum amount, which will give you (for 2022) a FRA benefit of $3,262. But if you only had 30 years at the maximum earnings amount, your benefit would be reduced to $3,010, an annual reduction of $3,024. Taking this further, if there […]

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A Good Reason to Not Convert to Roth

Another facet that you might want to think about as you consider whether to convert traditional IRA monies to Roth IRA.

The post A Good Reason to Not Convert to Roth appeared first on Getting Your Financial Ducks In A Row.

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Earnings Tests in the Year You Begin Benefits

There’s a limit to the earnings you can have while collecting SS before FRA. This article explains how it works when you first begin.

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