Timothy Sumer

Generally, if you receive a distribution from an IRA or qualified retirement plan prior to reaching age 59 1/2, you pay a 10% penalty tax (in addition to the ordinary income tax) on the distribution. However, if you retire on or after reaching age 55, you may be able to receive penalty-free distributions from your employer's qualified retirement plan (such as an employer-sponsored 401(k), 403(a), or 403(b). In this presentation, we discuss the general requirements, exceptions, and reporting surrounding the rule of 55.... ( read more ) LEARN MORE ABOUT: Qualified Retirement Plans REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing Tenth of an Hour: Episode 111 - Rule of 55: Early Distributions from Qualified Retirement Plans retirement planning is a critical aspect of every individual's financial journey. As we work towards ensuring a secure future, understanding the

🔔 SUBSCRIBE HERE 🔔 Join this channel to get access to perks: 🌟 🎓 👑 💯 LET’S CONNECT 💯 📷 Instagram @JakeBroe 👉 🐦 Twitter @Broe_Jake 👉 👇 👇 Watch My Other Videos Here 👇 👇 ★ What is Step-Up in Basis? Ultimate TAX Cheat Code! ★ How the MEGA RICH Pay No Taxes - "Buy Borrow Die" ★ Is there a "Single Guy Tax"? 📷 📷 My YouTube Equipment 📷 📷 ► My Camera 👉 ► My Wide-Angle Lens 👉 ► My Wireless Microphone 👉 ► My Shotgun Microphone 👉 ► My Lighting 👉 ► My Light Diffusers 👉 What flag is that? 👉 What is your background? 👉 ================ 📚 📚 Books That Changed My Life 📚 📚 📗 How to Win Friends & Influence People 👉 📕 Dumbing Us Down 👉 📘 Quiet - The Power of Introverts 👉 📙 The Red Queen 👉 📔 Rich Dad Poor Dad 👉 📒 Why Nations Fail 👉 ================ What Is a Gift Tax? The gift tax is a federal tax applied to an individual giving anything of value to another person. For something to be considered

13:01 My parents want to gift me their rental house. They still owe $42K to the mortgage company. What is the best way to inherit this house? How would we deal with the gift tax? Gift tax explained in this question. 57:51 How will the new IRS rule on third-party payer apps (such as Venmo, CashApp, Zelle, etc.) affect landlords who collect rental payments via a phone number or email that's linked to one bank account? Welcome to the another episode of Tax Tuesday! Join the next Tax Tuesday LIVE bi-weekly at 👉 Toby Mathis, Esq. answers these questions along with Jeff Webb, CPA and more during this episode of Tax Tuesday, a bi-weekly FREE LIVE webinar event. Claim Your FREE 45 minute Investment Strategy Session to receive business planning tips and a clear investment strategy. 👉 0:00 - Intro 8:16 - If you have a solo 401k, can you lend money to a friend or 3rd party as they are not a disqualified person with no limitation like the $50,000 limit if you are loaning t

For anybody who is the beneficiary of an inherited IRA, the rules regarding distributions and access to the inherited IRA can be tricky to navigate. In this presentation, we give a fresh look to the general principles of inherited IRAs, including some (but not all) of the changes from the SECURE Act.... ( 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 On Tenth of an Hour, Episode 119, we explore the basics of Inherited IRAs. Inherited IRAs are individual retirement accounts that are transferred to a beneficiary after the death of the account holder. These accounts can be passed on to any person or entity, including spouses, children, grandchildren, and trusts. There are two types of Inherited IRAs: Traditional and Roth. Traditional Inherited IRAs are taxed as ordinary income upon withdrawal, while Roth Inherited IRAs are not taxed, provided the