Coronavirus Relief for Retirement Plans and IRAs

Reminder: Required Minimum Distributions aren’t needed for 2020 for most plans. For more info, check out this article shared from the IRS. The Coronavirus Aid, Relief, and Economic Security (CARES) Act makes it easier for you to access your savings in Individual Retirement Arrangements (IRAs) and workplace retirement plans if you’re affected by the coronavirus. This relief provides favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options.

Roth Conversion Makes Sense at Today’s Low Tax Rates

For a long time, converting your traditional IRA to a Roth version was a fairly low-risk proposition. If you changed your mind at a later date, you could always reverse course. That ended with the tax bill former President Trump signed in December 2017. Daniel Kurt from Investopedia explains more. The legislation abolished the option to “recharacterize” a Roth conversion back into a traditional, SEP, or SIMPLE IRA, beginning in the tax year 2018. It did the same for Roth IRA funds rolled over from 401(k) and 403(b) accounts. There was a brief window […]
digital marketing specialist

Meet Amy, our Digital Marketing Specialist!

Amy was born in Fremont, California and has lived in the East Bay her whole life. She has over 16 years experience as an administrative assistant, and over 18 years experience in broadcasting, theater, marketing and multimedia. She works to share information and awareness about updates and new opportunities with J.R. Financial to new and existing clients along with tips and tools to help them reach their financial goals. She also assists with daily office tasks to make sure everything is running smoothly, and help us grow! Outside of work, Amy takes part […]

Filing Federal Income Taxes for the Deceased

When a loved one passes away, someone has to file a final tax return for them. If that someone is you, here’s what you need to know. Kimberly Lankford of shares tips to follow to keep an already stressful time from becoming more stressful. In the course of preparing for retirement, there are certain things you’ll If a loved one died in 2020, you need to determine who will file their final income tax return.