The next month or so is the time to get your documents in order and make sure you have all the information you and your accountant will need to file taxes for 2023. I want to help you make the most of your opportunities and lower your taxes wherever possible.
What can you do now? We have put together a process that you can follow to assist your tax planning.
Medicare is the federal health insurance program for everyone age 65 and older in the United States. Generally, the different parts of Medicare exist to cover specific healthcare services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the federal government.
IRS Update: Understanding the 10-Year Rule for Inherited IRAs and Qualified Accounts
The Internal Revenue Service (IRS) has provided another update to the rules governing IRAs and qualified accounts. On July 14, 2023, the IRS issued Notice 2023-54 that announced the following:
- Final Regulations will apply to distributions starting in the calendar year 2024.
- Missed RMDs from Inherited qualified accounts and IRAs are forgiven and not subject to excise tax if the original owner died after RBD in years 2020, 2021, and 2022 and the beneficiary has 10 years to distribute the qualified account.
For an 18-year-old, going to college is exciting, a little scary, and an important step towards becoming an independent adult. For a parent, sending their child to college is also exciting and a little bit scary, as well as bittersweet. You want your child to grow, learn, and succeed in this next stage of their life. To set them up for success, here are some things you should think about and do before sending your child off to college.