2 results for tag: IRA

IRAs for Kids

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo Working at a young age in the United States is an American tradition. I did it... I worked at my Father's Construction Business at an early age that taught me a lot of lessons along the way. What isn’t so traditional is the notion of your child contributing to their own IRA, especially a Roth IRA. But it should be a tradition because it’s a really good idea. Here’s what you need to know about IRAs for your child. Let’s start with the Roth IRA option. Roth IRA Contribution Basics The only Federal-Income-Ta...

You Took Coronavirus-Related IRA Money Last Year: What Now?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo If you’re a traditional IRA owner who was adversely affected by the COVID-19 pandemic last year (2020), you may have been eligible to take a tax-favored coronavirus-related distribution from a traditional IRA. If so, that privilege was thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In this analysis, we will call these tax-favored traditional IRA distributions “CVDs.” Elsewhere, you may see them called “CRDs.” Whatever they may be called, this analysis explains how to get the ...