Timothy Sumer

IRS Notice 2022-53: What You Need to Know: In this finStream TV video, Denise Appleby from Appleby Retirement Consulting speaks with Robert Powell about IRS Notice 2022-53 and how it effects distributions for designated beneficiaries.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA IRS Notice 2022-53: What You Need to Know The Internal Revenue Service (IRS) has recently issued Notice 2022-53, which outlines important updates and changes taxpayers need to be aware of. This notice covers a range of topics, including new regulations, deadlines, and forms. Here is a breakdown of what you need to know about IRS Notice 2022-53. Extension of Filing and Payment Deadlines One of the key highlights of IRS Notice 2022-53 is the extension of certain filing and payment deadlines. The notice provides relief to taxpayers affected by recent natural disas...

Can I convert my RMD to a Roth IRA? In this episode of Ask The Hammer, Jeffrey Levine - aka The Hammer - discusses required minimum distributions (RMDs) from traditional Individual Retirement Accounts (IRAs), including when to take the RMD and how to do a Roth conversion. If you find this video informative, please hit the like button and subscribe.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA As individuals near retirement age, they may start to hear about Required Minimum Distributions (RMDs) and the impact they can have on their retirement savings. But what if you don't need the money from your RMD and would rather invest it in a Roth IRA? Is it possible to convert your RMD to a Roth IRA? The short answer is no, but there are alternative options available. First, let's clarify what RMDs are. These are a requirement for indiv...

Can I convert an inherited IRA, 401(k) or 403(B) to a Roth IRA? In this episode of Ask The Hammer, Jeffrey Levine - aka The Hammer - answers the question: Can I convert an inherited IRA, 401(k) or 403(B) to a Roth IRA?... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Many people inherit Individual Retirement Accounts (IRAs), 401(k)s, or 403(B)s from a loved one. In some cases, they wonder if it is possible to convert an inherited plan to a Roth IRA. The short answer is: it depends on which type of plan you inherited. Inherited Traditional IRA: If you inherited a traditional IRA from someone who was not your spouse, you cannot convert it to a Roth IRA. Instead, you will need to take Required Minimum Distributions (RMDs) each year based on your life expectancy. These distributions will be taxed as ordinary income. Inherited 401(k) or 403(B): I...