IRA
I was recently visiting with a senior couple that have approximately $400,000 in their IRA. The person handling their investments is their son who is with a large brokerage firm. I recently attended a meeting and one of the speakers said that this could cause tax problems but did not go into detail. Can you please explain what the speaker was referring to.
Permalink Submitted by Alan Spross on Thu, 2011-09-22 18:28
Here is an explantion – it is 4 years old and there is still no record of the IRS enforcing this provision. It seems like the type of thing that all the big brokerages should have an official written policy on, but not sure if they do or if they are the same:
http://www.thestreet.com/story/10387561/avoid-losing-tax-deferred-status…
Permalink Submitted by mk foss on Thu, 2011-09-22 19:03
There was an excellent discussion of the issue in the April 2007 Ed Slott’s IRA Advisor on page 7.
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