SmartAsset on MSN

I'm 65 with $950k in an IRA. Is it worth it to convert $150k per year to a Roth IRA to avoid RMDs and retirement taxes?

A Roth IRA conversion is available any time you have money in a qualifying pre-tax account. People choose to make a ...
SmartAsset on MSN

Will a $50k down payment gift to my daughter trigger taxes?

Imagine you have $50,000 to give to your daughter and her husband for a down payment on their new home. The question is, will ...
SmartAsset on MSN

Is a $200k lump sum or $1,850 monthly pension the better choice?

If you have a pension, your employer will usually give you a choice at retirement: buyout or payments. It's important to ...
SmartAsset on MSN

Will I qualify for a tax break after downsizing and netting $750k from my home sale?

Suppose you sell your primary home and make a $750,000 profit. Will you owe capital gains tax on that profit? The short ...
SmartAsset on MSN

Is converting 20% of my 401(k) each year to a Roth IRA a smart move?

With retirement planning and taxes, there are often two ways to look at a question: First, can you do something, and then, ...
SmartAsset on MSN

Is converting $100k a year to a Roth at 60 a good way to avoid RMDs?

Required minimum distributions, or RMDs, are a problem for some retirees. If that's your situation, a Roth conversion may be able to help. The advantage to switching your money from a pre-tax ...
SmartAsset on MSN

What are the best strategies to reduce RMDs and their tax impact?

In the year that a required minimum distribution (RMD) is due from a 401(k), IRA or other pre-tax retirement account, you’re required to withdraw a certain amount and pay your taxes due to avoid a 50% ...
SmartAsset on MSN

I'm 63 With $700k in an IRA. Should I Convert $70k per Year to Avoid RMDs and Taxes in Retirement?

You can make a Roth IRA conversion at any time, as long as you have money in a qualifying pre-tax account. But the real ...
SmartAsset on MSN

I'm Taking RMDs, But Don't Need the Money. What Should I Do With It?

While many retirement accounts offer tax-sheltered ways to save and invest, the IRS mandates accountholders start withdrawing ...
SmartAsset on MSN

Can I Retire at 65 With a $1M IRA and $2,500 in Social Security?

Do you have enough money to retire? There are many different ways to look at this, but the most common is to break it down ...
SmartAsset on MSN

Will I Owe Capital Gains Taxes After Downsizing and Netting $620k?

When you sell your primary home, the IRS allows you to exclude a significant portion of the profit from your taxes. This ...
SmartAsset on MSN

I'm 70 With $1.2M in an IRA. Can I Still Convert to a Roth IRA?

In retirement, it's not too late to convert your money into a Roth IRA. The IRS will let you convert qualified funds at any ...