Tax Inherited an IRA Recently? Know Your Options to Minimize Tax Impact If you have inherited a loved one’s retirement savings since 2020, you may want to seek professional tax or financial advice regarding when you’re required to take a payment from the IRA, and how long you can let your inheritance grow tax-deferred in the IRA.
Health Savings Accounts Tax-Free HSA Withdrawals for 2021 If you have a health savings account (HSA), you know that in addition to helping you build a financial resource for paying medical expenses, it’s providing significant tax benefits, too.
Real Estate What to Consider When Choosing Beneficiaries for Your Traditional IRA An important part of estate planning is determining how to transfer your assets to your heirs in a way that will mitigate the tax consequences and administrative burdens for them.
Events Mainstar Trust President, Jean Meyer, to Speak at the Think Realty Conference & Expo The Mainstar Trust team is excited to announce that our own Jean Meyer will be featured as a Special Guest and Panel Speaker at the upcoming Think Realty Conference & Expo, in Houston, March 24 - 25.
Finance 5 Things to Watch for on Your IRS Form 1099-R The IRA experts at Mainstar Trust provide five things to watch out for when filling out your 1099-R form.
Real Estate Investment 3 Things to Know About Vacation Rentals and Your Real Estate Self-Directed IRA Use this helpful guide from Mainstar Trust to help you with your vacation rental property investments and self-directed IRA.
Self Directed IRAs The Difference Between Self-Directed and Self-Serve Equals a Taxable IRA Distribution The case of McNulty v. Commissioner provides a real-life example of what not to do with your IRA, a single-member LLC, and a tangible investment.
Finance 2022 Cost-of-Living Adjustments: How Inflation Affects Your Retirement Contributions For 2022, almost all the limits will be rising, except for the IRA contribution limit. However, the compensation thresholds for IRAs are increasing, so you may qualify to take a bigger tax deduction for a traditional IRA contribution or to contribute to a Roth IRA if you couldn’t in previous years based on the income restrictions.
Health Savings Accounts Invest in Your HSA for the Long-Term Health Savings Accounts (HSAs) were designed to help consumers pay for medical expenses not covered by their high deductible health insurance plans (HDHPs), but they can also be a tax-smart strategy for supplementing your retirement savings.