{"id":1116,"date":"2016-05-16T20:03:11","date_gmt":"2016-05-17T04:03:11","guid":{"rendered":"http:\/\/afadmin.ahrenstech.com\/?p=169"},"modified":"2019-04-19T06:00:33","modified_gmt":"2019-04-19T14:00:33","slug":"how-defer-income-taxes-your-retirement","status":"publish","type":"post","link":"https:\/\/rains-law.com\/how-defer-income-taxes-your-retirement\/","title":{"rendered":"How to Defer Income Tax on Your Retirement Plan"},"content":{"rendered":"

\"Income<\/a>Deferring Income Tax<\/h2>\n

Within the Internal Revenue Code, some of the laws that most benefit you and I are those the allow the beneficiaries (you and I) of qualified retirement plans (think IRAs, etc.) to defer\u00a0our income tax liability\u00a0until the beneficiary withdraws money out of the IRA.\u00a0These laws allow your IRA’s principal to grow tax-free,\u00a0which\u00a0means that your IRA has more money value than if it were subject to taxes.<\/p>\n

Required Minimum Distributions<\/h2>\n

There is another Internal Revenue Code law that allows you to take out what is called a “required minimum distribution.”\u00a0 This law allows your IRA to distribute money to you over a longer period of time than if you were forced to take a higher distribution.\u00a0 The way this is calculated is linked with your current age and your expected life span.\u00a0 It also defers\u00a0the income tax that you\u00a0would have to pay on the\u00a0principal\u00a0in the plan that you have not\u00a0yet received as a\u00a0distribution.<\/p>\n

Sadly, many people do not know about these advantages and so do not use these laws.\u00a0 Instead, they withdraw all their funds and pay all the taxes up front, rather than deferring the taxes and allowing the principal to grow.<\/p>\n

Naming Your Trust as Beneficiary<\/h2>\n

Many people do not think that you should name your trust as the beneficiary of\u00a0your qualified retirement plan.\u00a0 They say this is because it is too complex and you cannot stretch out distributions through the required minimum distributions.\u00a0\u00a0However, while a trust as beneficiary is a more\u00a0complex setup, the difference is minor.\u00a0 Also, you can still use a trust to stretch out distributions, and the trust can make sure to maximize your income tax deferral, providing a greater tax benefit to you.<\/p>\n

Ultimately, the decision of how to best use your qualified retirement plan is a personal decision that only you can make.\u00a0 I invite you to contact The Rains Law Firm<\/a> or schedule a meeting<\/a> to discuss what option you want for yourself and your family.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deferring Income Tax Within the Internal Revenue Code, some of the laws that most benefit you and I are those the allow the beneficiaries (you and I) of qualified retirement […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[24,25,19],"yoast_head":"\nHow to Defer Income Tax on Your Retirement Plan - The Rains Law Firm<\/title>\n<meta name=\"description\" content=\"IRA's offer good income tax benefits if you take advantage of them. 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