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CONGRESS SAYS NO ROTHIFICATION … FOR NOW
When someone keeps telling you not to worry about them doing a certain thing, you know they are thinking about doing that very thing. That’s what Congress is doing with so called “Rothification.” As a review, “Rothification” – as it has become known – is a way to...
HOW TO USE INCOME TAX WITHHOLDING ON IRA DISTRIBUTIONS, AND WHEN NOT TO
After retiring, your taxable income may consist entirely of IRA distributions and investment returns. You'll have two ways to remit the tax owed on this income to the IRS: (1) make quarterly estimated tax payments, (2) have tax withheld from the distributions. Which...
RMDS AS A BENEFICIARY & DIRECT ROLLOVERS: TODAY’S Q&A MAILBAG
Question: Client is over 70 1/2 and passed away in 2018 and did not take their 2018 RMD yet. There are 4 non-spouse beneficiaries who are opening new inherited IRA accounts for their share. Does the 2018 RMD for the deceased client need to be paid prior to the...
7 MISTAKES TO AVOID WITH INHERITED IRAS – THINGS YOU DID NOT LEARN IN SCHOOL
An inherited IRA can be a great thing for the beneficiaries. It is almost like winning the lottery or the Reader’s Digest sweepstakes. You get income for life, or do you? It is all too easy to miss out on this opportunity. The following apply to beneficiaries who are...
THE SUPREME COURT HAS AN IRA REMINDER FOR YOU
In the recent case of Sveen v. Melin, the Supreme Court ruled that life insurance proceeds would not go to an ex-spouse, even though her name remained on the beneficiary form after the divorce. Instead, the Court said the Minnesota state statute removing an ex-spouse...
ROLLOVERS & NAMING A TRUST AS A BENEFICIARY: TODAY’S Q&A MAILBAG
Question: Roll over all but $4000 of nondeductible IRA in my Traditional IRA into my SEP IRA, then rollover the $4K basis into my Roth IRA? Can I do that? Can I do both rollovers in quick succession in the same day so that the Traditional left with the $4K does not...
SELF-DIRECTED IRAS: KNOWING THE LAW IS ONLY HALF THE BATTLE
Many individuals who open IRAs choose to invest in traditional asset classes, such as stocks, bonds, or mutual funds. But for a growing number of people, these options are not enough. Instead, they look to invest in other non-traditional assets. The tax code actually...
THE IRA AGGREGATION RULE: EASING RMDS, COMPLICATING ROTH CONVERSIONS
When you own multiple IRAs and take an IRA distribution, the IRS treats all your non-Roth IRAs as one. This helps you when you reach age 70 ½ and must begin taking annual required minimum distributions (RMDs). Instead of taking a separate RMD from each IRA, you can...
SEPARATING IRAS: TODAY’S Q&A MAILBAG
Question: Is this a question you can help me with? Client’s husband & Wife had a living trust. Attorney suggested that all holdings be put into the trust or make the Trust the beneficiary. Husband died several years ago, in January, 2018 the wife died. There are...
DISASTER RELIEF INFORMATION FROM IRS
A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017...
YOUR IRA MAY GO TO THE GOVERNMENT, BUT YOU GET THE TAX BILL
Did you know your IRA could be escheated to the state as abandoned property? Not many IRA owners are aware of this possibility, but more and more are facing it. Escheatment - Bigger and Badder than Ever The legal theory of escheatment dates way back. It originally...
ROTH IRA ROLLOVER LIMITS AND ROTH IRA CONTRIBUTIONS AT 70 1/2: TODAY’S Q&A MAILBAG
Question: Hello, I am retired and have done a Roth in plan rollover within my work 401K. Am I able to do a Roth rollover within a Fidelity IRA to a Fidelity Roth IRA? Is there a rule that limits the number of Roth IRA Rollovers you can do in a year or period of time?...
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