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A SERIES OF FORTUNATE EVENTS; TREAD LIGHTLY – (72(T) PAYMENTS/SUBSTANTIALLY EQUAL PERIODIC PAYMENTS)
Most people know that, generally speaking, you cannot access traditional IRA money penalty-free until you reach age 59 ½. Early distributions are subject to a 10% early withdrawal penalty. Of course, like virtually every other retirement rule ever written, there are...
Is Your IRA Safe From Creditors?
Suppose you unexpectedly incur a major liability, from a lawsuit or some other unforeseen cause. Will the funds in your IRA be protected from your creditors? Maybe … or maybe not. Here are the rules: Federal Law Protection If you own an IRA that you’ve funded yourself...
Converting an IRA to a Roth IRA and Satisfying RMDs: Today’s Q&A Mailbag
Question: I wondered if it’s possible to convert my traditional IRA to a Roth for 2017 and prior years, and then file an amended return? At least I could offset the higher taxes paid going forward, knowing I will have a tax-free Roth? Thanks very much for your help...
5 Things to Know About Your IRA Agreement
There is a lot of paperwork involved when you open an IRA account. You have to prove to the bank who you are and that your funds are legitimate. There is an account opening form and a beneficiary form to be completed. After you do all of that, then you get a...
401(K) Contribution Limits and Late RMDs: Today’s Q&A Mailbag
Question: Ed, great article on reasons for taking RMDs early in the year, but here's the other side of the argument, at least for me (which is why I am responding via email rather than online). My wife and I are both retired. We have a pension, social security and...
Using Deferred Income to Fund Your Startup Business Could ROB Your Future
Using Deferred Income to Fund Your Startup Business Could ROB Your Future One of the most difficult aspects of starting a business is obtaining proper funding. While banks have begun lending again, loans for startup businesses are still difficult to obtain. They...
How Having Multiple IRAs Can Help Bequest Planning
Having just one IRA instead of several may simplify paperwork and minimize fees. But when you begin to think about leaving IRA funds to heirs, consider using more than one IRA to do so. Here are reasons why: Preserve Funds for Bequests in a Roth IRA Statistics...
Commingling Inherited Assets and QCDs: Today’s Q&A Mailbag
Question: Dear Mr. Slott, In 2013, my husband was offered a buyout from his employer, Ford Motor Co. He had been retired since 1999 and so was already receiving a monthly pension check. (My husband had been diagnosed with Alzheimer’s Disease in 2011 and then passed...
The Death of the DOL Fiduciary Rule?
It now appears that the new fiduciary rules proposed by the Department of Labor (DOL) back in June of 2016 are all but dead. Late last week, the Fifth Circuit Court of Appeals rejected a last-minute appeal of its March 15th decision to toss the DOL rules. The appeal...
Are Nondeductible Contributions to a Traditional IRA the Right Move for You?
Let’s say you wish to contribute to an IRA in 2018, but have too much income to make a either a deductible contribution to a traditional IRA or a contribution to a Roth IRA. You still have the option to make a nondeductible contribution to a traditional IRA. Might...
Meet the New HSA Limit, Same as the Old HSA Limit
If you have a Health Savings Account (HSA) with family coverage, determining your 2018 contribution limit has been an adventure. This in one of the many unintended consequences of the Tax Cuts and Jobs Act (TCJA). Many of the HSA limits are indexed annually for...
QCDs and RMDs: Today’s Q&A Mailbag
Question: Can you please advise regarding the following: I’m 63 years old and am required to take a yearly RMD [required minimum distribution] from my deceased Mom’s IRA (BDA). In order to save on taxes, am I allowed to have my financial institution send the RMD...
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