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Retirement Planning

Required Beginning Date (RBD)

An important aspect of Individual Retirement Accounts (IRAs) is the Required Minimum Distribution (RMD). This refers to the deadline for IRA owners to withdraw a certain amount of funds from their account. The first RMD must be taken by April 1 of the year after the IRA owner reaches 70½ years of age. This rule ensures that individuals do not delay taking distributions from their retirement account indefinitely.

Coverdell Education Savings Account

A tax-advantaged savings account, formerly known as the Education IRA, that was introduced through the Taxpayer Relief Act of 1997 for the sole purpose of covering qualified...

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Age Rule

In order to contribute to a Traditional IRA, it is important to note that an individual must be under the age of 70 ½ for the entire year. This is a crucial rule to keep in ...

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Adjusted Gross Income

Income tax liability is a crucial aspect of personal finance. As a knowledgeable professor, I want to shed light on the concept of taxable income. This is the amount on whic...

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Qualified Retirement Plan Definition

A qualified retirement plan is a valuable tool for both employers and employees, offering tax advantages that are granted by meeting specific criteria outlined in the Intern...

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