If I roll my annuity into an IRA and receive after-tax distributions, will this be considered taxable income?

June 30, 2024 No Comments

A: Distributions of after-tax amounts (amounts already taxed) will not be taxable when distributed to you. However, you will be required to report the amount on your tax return as a non-taxable distribution. The plan should send you a Form 1099-R, which is used to

If I roll my annuity into an IRA and receive after-tax distributions, will this be considered taxable income?

July 7, 2024 No Comments

Inter Vivos Trust vs Testamentary Trust: What is the difference?

June 30, 2024 No Comments

A: Estate planning offers tools to establish and maintain effective control over cash, investment and real estate assets during a person’s lifetime and upon death. While wills and beneficiary designations work well to ensure an estate plan meets the unique needs of the individual establishing the

Inter Vivos Trust vs Testamentary Trust: What is the difference?

July 7, 2024 No Comments

Is a 401(k) a qualified retirement plan?

June 30, 2024 No Comments

A: A 401(k) is a qualified retirement plan. Qualified retirement plans must satisfy IRS requirements for both setup and operations. They fall into two categories: defined contribution and defined benefit. In a defined benefit plan, the employer has committed to providing the employee with a

Is a 401(k) a qualified retirement plan?

July 7, 2024 No Comments

Is a 408 (k) the same as a Simplified Employee Pension (SEP)?

June 30, 2024 No Comments

A: A 408 (k) is not the same as a Simplified Employee Pension (SEP). The SEP plan is a retirement plan that allows employers or self-employed individuals to contribute certain amounts of money to an employee’s account. It must be part of a written arrangement

Is a 408 (k) the same as a Simplified Employee Pension (SEP)?

July 7, 2024 No Comments

Is a Simplified Employee Pension (SEP) IRA tax deductible?

June 30, 2024 No Comments

A: Payments that you make to a Simplified Employee Pension (SEP) IRA are tax deductible. However, there is a maximum limit that you’re allowed to deduct each year. As of 2017, the maximum deduction amount that a business can take for putting money into its

Is a Simplified Employee Pension (SEP) IRA tax deductible?

July 7, 2024 No Comments

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