Because there is no required minimum distribution with a Roth IRA, most of the people we talk to about their Roth IRA accounts are thinking the best thing to do is to leave the account alone, ideally, never touching it themselves, and leaving it to their kids or other family members. If you are an heir, it’s much better to inherit…
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Several years ago, we got a call from one of our clients at tax time who was not at all happy with their tax bill.Instead of a small refund, as anticipated, they were looking at a $12,358 tax bill. Earlier in the year, following our recommendation, they had sold a mutual fund. We told them there wouldn’t be much of a tax bill from the sale, but now it looked like the mutual fund sale was the culprit triggering that $12,358 tax bill. Ouch!
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