Tax Benefits of an IRA Conversion

An IRA conversion refers to shifting all or part of your current Traditional IRA account balance into a Roth IRA. In doing so, taxes are incurred on the transferred funds; however, they grow tax-free into retirement. Tax Free Withdrawals Roth IRA withdrawals are...
Elimination of the Federal Health Insurance Penalty

Elimination of the Federal Health Insurance Penalty

The Tax Cuts and Jobs Act has eliminated the federal shared responding health insurance penalty for tax year 2019. The penalty was previously imposed on individuals and families who did not maintain health insurance coverage for all twelve months of the tax year....