Cashing in an IRA may seem complex and intimidating, but with assistance from Thrivent financial advisors you’ll be better equipped to make smart withdrawal decisions. At some point, you will be required to withdraw a minimum amount from your IRA each year – this is known as your “Required Minimum Distribution,” or RMD. 1. You must be at least age 5912 As you age, the IRS becomes increasingly anxious that you take required minimum distributions from your IRA at least...
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Gold coins are assets, with profits from selling these assets being taxed as capital gains tax (CGT). Careful planning of your overall tax situation may help minimize this CGT liability. Physical gold is classified by the IRS as a collectible and subject to a maximum 28% capital gains tax rate, but investments that don’t purchase physical gold fall under standard long-term capital gains tax rates of either 0%, 15% or 20%. Hold on to it for at least a year....
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Fees associated with opening and maintaining a gold IRA vary significantly, so be sure to shop around to find an arrangement that best meets your investment goals. Institution-specific account setup fees vary, as do any annual asset and transaction-based charges that typically accompany assets and transactions. Additional charges could include storage fees for physical safeguarding your metals in an IRS-approved depository. Setup Fees Gold (or precious metals) IRA setup fees represent the costs to establish a self-directed IRA that accepts...
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Due to recent tax code changes, beneficiaries of inherited IRAs have limited options when it comes to rolling over their assets into new accounts in their names and spreading withdrawals over a lifetime. If you qualify as an eligible designated beneficiary, however, rolling the assets over into one may provide greater flexibility for withdrawals over time. Prior to making any decisions on an inherited Roth IRA, it’s essential that you consult with a financial professional. They can help explain your...
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Watching your IRA investments lose value is disconcerting, but before panicking and unloading them all at once, make sure that you understand the tax rules before doing anything drastic to limit losses. Typically, investment losses in an IRA cannot be deducted because their contents are already subject to tax when withdrawn; however, under the Tax Cuts and Jobs Act (TCJA), miscellaneous itemized deductions including loss deductions were disallowed, which includes deductions related to an IRA investment loss. Loss Deduction Prior...
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