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The fastest way to get money into a Roth IRA is to move some of your traditional IRA money into your Roth IRA. This is called a Roth conversion.
The Roth IRA turns traditional IRA rules upside down. By paying tax on the money you contribute to your account, you receive tax free growth in retirement.
An often-overlooked retirement strategy is the Health Savings Account or HSA.
For taxpayers who are 70 ½ and older, you can take the Standard Deduction when you file your taxes and still benefit from your charitable giving.
A married couple who files a joint tax return may be able to make a tax-deductible contribution to an IRA for a non-working spouse. This is a tax deduction that many taxpayers miss.
Understanding your options when you inherit an IRA is important because IRA money generally has never been taxed. This money passed on to your heirs will be taxed when they take the money out, and they must be in individual names and can't be jointly owned.