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Good Day. I received the Ed Slott Solution kit after making a donation to my local PBS station. I am...

I retired at 72 in 2018 and have taken 2 RMDs from my 401K account (one for 2018 and one...

Is it possible for a Non Eligible Designated Beneficiary to annuitize IRA account balance after the account owner’s death, thereby...

How often can you use the Lifetime Learning & American Opportunity credits/ Can they be used in the same year?

A client’s mother passed away in 2018 (at age 85 so after RBD) and her IRA had no beneficiary designations...

Question: Looking for your help. Husband has an inherited IRA (from his dad prior to the SECURE Act) and was taking RMDs using the single life table. Husband passes away in 2020 and leaves the inherited IRA to his wife who is age 65. What are the wife’s options for distribution? Thanks, Travis Answer: Travis, Under the SECURE Act, if a beneficiary owner of an inherited IRA dies in 2020 (or later), the next beneficiary in line (the successor beneficiary) is bound by the 10-year payout rule. Even if the successor beneficiary would otherwise be allowed to stretch payments as an eligible designated beneficiary (i.e., spouse, disabled individual, etc.), that person is still saddled with the 10-year rule.

Have a check for after tax money from 401k. Is that money eligible to do a 60 day rollover into...

Hello. I was talking with a couple of post office employees, almost ready to retire, who had questions about their...

Former spouse was named beneficiary of her X-Husband’s IRA X-recently died Is she considered a “Surviving spouse” beneficiary or a...

A spouse beneficiary of an IRA faces many decisions. There is great flexibility and many items to consider. For example, how old was my spouse when he or she passed and what impact will that have on my available choices? Do I need money now? How can I minimize my tax burden? Will penalties apply if I withdraw from the account? By systematically considering each question and leveraging the rules, a spouse beneficiary can create a unique plan that fits his or her needs. After all, with the loss of a spouse, the last thing anyone wants to deal with is money problems derived from poor planning. Example 1: Married couple John and Janet are both 55 years old. John dies and leaves his traditional IRA to Janet. Janet will need immediate access to the account to cover living expenses. Based on these facts, the decision is clear.