NEW HAVEN, Conn. (WTNH) — CT Style Reporter Natasha Lubczenko, welcomes “Money Wisdom” sponsored by Johnson Brunetti. We are educating you about smart ways to manage your money.
Joining us is Eric Hogarth, Certified Financial Planner and Johnson Brunetti Partner with the details.
Today we’re doing something fun and informative. We have got some viewer questions sent in for you guys at Johnson Brunetti regarding IRAS.
- Can I contribute to a Roth IRA during retirement with self-employment income and take the income tax savers credit?
- Are people able to withdraw money from IRA’s penalty free due to COVID-19?
- This year they are allowing you to NOT take money out of an IRA if you choose. Is it wise to NOT take it if you don’t need it and let it make interest or dividends where it is?
I’ve been told to take it because most likely taxes will be going up next year.
- I am one of those who financed 401k contributions by sticking with tax-deferred contributions only. Now, as I approach required MRD time in a couple of years (I am 70 1/2 this year), I have a big fat roll-over IRA. I figure that my combined marginal federal + state income tax rate is at least 26%. What options do I have to mitigate this tax burden?
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