Repaying 2020 Required Minimum Distributions
Question: I took my required distribution from my IRA early in 2020. Now that the new tax law suspended the required distribution rules for 2020, is it too late for me to undo what I did?
Converting a Traditional IRA to a Roth IRA
Question: With the past and perhaps an impending further drop in the stock market, does it now make sense to convert my traditional IRA to a Roth IRA?
Accessing Retirement Plan Funds Under the CARES Act
Question: My wife lost her job as a result of her company downsizing during the pandemic
and our family is now down to one income. Is there an effective way to tap our retirement accounts for the shortage of funds we now have without undue tax cost?
Navigating the Wash Sale Rules
Question: With the recent stock market decline, does it make sense for me to sell stocks that have decreased in value to create losses for tax purposes and then buy back the same positions?
Planning Ahead with New Restrictions on Inherited IRAs
Question: Any suggestions on how to deal with the new rules on accelerated distributions for inherited IRAs?
Tax Planning with Stock Issued to Employees
Question: I recently accepted a job with a startup company and was given shares of company stock at no cost to me in which I will vest over a period of years. Do I have to pay tax on the shares I receive?
Tax Planning with Appreciated Assets
Question: I own a stock portfolio which has appreciated significantly in value over the years. Can I transfer the portfolio to my aged mother and have her transfer it back to me upon her death so I can benefit from a step-up in basis when she dies?
Continuing Post-Termination Salary as Deferred Compensation
Question: I am planning to retire and give stock in my business to my children in the next few years. While I am not expecting any payments in return, I want to continue my salary following my retirement. Can the business continue to pay salary to me after I retire?
Minimizing investment losses on required minimum distributions
Question: I have funds in a Roth IRA, a traditional IRA and my employer’s 401(k) plan. Is there a way to avoid selling retirement account assets at a loss as I near the age where I must commence retirement plan distributions? Answer: Generally speaking, taxpayers must...
Non-interest bearing parent/child loans
Question: I loaned a sizeable sum to my daughter to enable her to purchase a residence. While I expect to be repaid, there is no specific time for repayment and no interest will be paid on the loan. What are the tax consequences of this arrangement?