This subject reminds of a famous line from the movie Jurassic Park.
“Your scientists were so preoccupied with whether or not they could, they didn’t stop to think if they should.”
So even though you could access your IRA account in a tax-advantaged way, you should be careful about raiding your retirement funds except for the direst of emergencies.
This can apply to tax planning as well. Normally, IRA distributions (before age 591/2) are subject to a 10% Excise tax as well as increasing taxable income. You’re allowed one rollover every 12 months that must be completed within 60 days.
As with all Covid-related tax matters, the game has changed. Here are the new rules.
David is a partner at Smith, Conley & Associates, PC. In addition to writing and tax consulting, he is active in the pro-life community serving as President of the Fayette County Right to Life chapter of Georgia Right to Life.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
- An Extra 100 days of Medicare Coverage:
Covid extends skilled care timeline
- September 25, 2020 - Should you move to a state without income tax?:
We examine the factors your should consider
- September 24, 2020 - Facts about IRS and Forfeiture of Assets - August 19, 2020