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Ira

IRA contributions, tracking, and retirement planning

May 14, 202611 min read

The Mega Backdoor Roth Playbook: How High Earners Can Funnel an Extra $47,500 Into Tax-Free Retirement Accounts in 2026

The mega backdoor Roth routes up to $47,500 of after-tax 401(k) contributions into a Roth bucket for 2026, on top of the standard $24,500 employee deferral, by converting after-tax dollars through an in-plan Roth conversion or in-service distribution to a Roth IRA. The IRS Section 415(c) total cap of $72,000 ($80,000 if age 50+) covers contributions from all sources combined, and converting promptly keeps the taxable earnings drag near zero.

Mike Thrift

retirement-plansretirement-savingstax-planning

May 13, 202610 min read

Form 5498 Decoded: The IRA Tax Form You Never File but Should Read Line by Line

Form 5498 reports IRA contributions, rollovers, Roth conversions, and the December 31 fair market value, and arrives in late May after you have already filed. A box-by-box reading of the fourteen lines, how to reconcile each with Forms 1099-R, 8606, and 5329, and the specific traps that trigger CP2000 notices and the 6% excess-contribution penalty.

Mike Thrift

iraretirement-savingstax-compliance

May 13, 202611 min read

Qualified Charitable Distributions in 2026: A $111,000 Tax-Free Path From IRA to Charity

A complete 2026 guide to Qualified Charitable Distributions — the IRS-sanctioned strategy that lets retirees age 70½ and older route up to $111,000 from an IRA directly to a qualified charity without recognizing the distribution as taxable income.

Mike Thrift

charitable-givingiratax-planning

May 12, 202612 min read

Form 5329 and the Missed RMD: How SECURE 2.0's 25%/10% Penalty Rules Work

SECURE 2.0 cut the missed-RMD excise tax from 50% to 25%, and to just 10% if the shortfall is corrected within a two-year window. Form 5329 is how taxpayers claim the reduced rate or request a full reasonable-cause waiver, and the form also starts the IRS's three-year limitations clock.

Mike Thrift

taxtax-compliancetax-planning

May 12, 202613 min read

Saver's Credit 2026: The Last $1,000 Tax Credit Before SECURE 2.0's Saver's Match

Tax year 2026 is the final year for the Saver's Credit, a nonrefundable credit worth up to $1,000 per person ($2,000 MFJ) for IRA and 401(k) contributions. This guide covers the 2026 AGI brackets, Form 8880 line by line, and what changes when the Saver's Match arrives in 2027.

Mike Thrift

taxtax-creditsretirement-savings

May 11, 20269 min read

The $6,000 Senior Bonus Deduction: How Taxpayers 65 and Older Can Cut Their 2026 Tax Bill (Through 2028)

The OBBBA's new $6,000 senior bonus deduction (up to $12,000 per couple) phases out at 6% per dollar of MAGI above $75,000 single / $150,000 joint and disappears entirely at $175,000 / $250,000. Available for tax years 2025 through 2028, stackable with the standard deduction and itemized deductions for taxpayers 65 and older.

Mike Thrift

taxtax-planningtax-deductions

May 11, 20269 min read

Trump Accounts 2026: The $1,000 Federal Seed and $5,000 Annual Cap, Explained

Trump Accounts are a new tax-deferred children's savings vehicle created by the One Big Beautiful Bill Act. Children born 2025–2028 receive a one-time $1,000 federal seed, families can contribute up to $5,000 per year, and employers can add $2,500 tax-free per employee — but the deposit requires filing Form 4547.

Mike Thrift

taxtax-planningpersonal-finance

May 10, 202612 min read

529-to-Roth IRA Rollover Under SECURE 2.0: Turning $35,000 of Unused College Savings into Tax-Free Retirement Money

A practitioner's guide to the SECURE 2.0 Act's 529-to-Roth IRA rollover — the five hard rules, the $35,000 lifetime cap, the state-tax traps in California, Indiana, and Massachusetts, and five strategic plays for converting unused college savings into tax-free retirement money.

Mike Thrift

iraretirement-savingstax-planning

May 10, 202612 min read

529-to-Roth IRA Rollover Under SECURE 2.0: Turning Unused College Savings into Tax-Free Retirement

SECURE 2.0 lets families roll up to $35,000 of unused 529 funds into the beneficiary's Roth IRA tax-free. Here are the six rules every rollover must satisfy, the two mistakes that turn it taxable, the state-level traps, and the four strategies that make the rule genuinely useful.

Mike Thrift

tax-planningretirement-savingsira

May 9, 202610 min read

529-to-Roth IRA Rollover: Move $35,000 of Unused College Savings Into Tax-Free Retirement

SECURE 2.0 lets the beneficiary of a 529 plan roll up to $35,000 of unused college savings into a Roth IRA tax-free and outside Roth income limits, provided the account is 15+ years old, contributions are 5+ years seasoned, and the beneficiary has earned income. This guide walks through the five federal tests, the state tax clawbacks that can erase the benefit, and a clean five-year execution plan.

Mike Thrift

personal-financetax-planningretirement-savings

May 9, 202610 min read

See-Through Trust as IRA Beneficiary: How Conduit and Accumulation Trusts Work Under the SECURE Act 10-Year Rule

A see-through trust named on an IRA beneficiary form must navigate the SECURE Act 10-year rule. Conduit trusts pass every distribution through to the beneficiary by year ten, while accumulation trusts retain assets but face compressed trust brackets that reach the 37 percent federal rate at just $16,000 of retained income in 2026.

Mike Thrift

iraestate-planningtrust

May 7, 202611 min read

Form 8606 and the Backdoor Roth: How One Missing Tax Form Causes Double Taxation

Form 8606 is the IRS's running ledger of after-tax basis inside traditional, SEP, and SIMPLE IRAs. Skip it and the IRS treats your basis as zero, taxing the same dollars a second time at distribution. This guide explains how the form works, why the pro-rata rule punishes most backdoor Roth conversions, and how to keep your basis documented for the next 30 years.

Mike Thrift

iraretirement-savingstax-planning

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