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Month: May 2021

Required Minimum Distributions from IRAs and 401(k) accounts

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Required Minimum Distributions (RMDs) are calculated differently for distributions from multiple IRAs and multiple 401(k) plans. If you have more than one traditional IRA, the RMDs are calculated separately for each IRA but can be withdrawn from any of your accounts.  However, if you have multiple 401(k) accounts, the RMD must be calculated for each…

Taxation of Annuity Income

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If you purchased an annuity that provides income in retirement, the portion of the payment that represents your principal is tax-free; the rest is taxable. The insurance company that sold you the annuity is required to tell you what is taxable.  Different rules apply if you bought the annuity with pretax funds (such as from…

Resources for Financial Caregivers

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 May is Older Americans Month  Financial caregivers are people who manage money for a loved one who may need help because of health problems or memory issues. If you don’t have a financial caregiver lined up, it helps to plan ahead in case you need help in the future. Understanding your options will allow you…

Monthly Child Benefits Start in July 2021

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 As reported by Jeff Stein in the Washington Post (May 17): “The Internal Revenue Service will on July 15 start delivering a monthly payment of $300 per child under 6 and $250 per child 6 or older for those who qualify. The monthly benefits will be deposited directly in most families’ bank accounts on the…

Mother’s Day

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Flowers, dining out, other soon-forgotten gifts for mother….  Flowers fade….  All the restaurants will be packed on Sunday; is this what you want when Covid still threatens?  How about something that will last?   What about an Individual Retirement Account for Mom? Whether currently employed for pay or a full-time homemaker, more than short term gifts,…