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The situation: Client died at age 92 on 12/03/12. Her RMD had already been taken for the 2012 tax year....

Prospect came in to find out what to do. Mom passed away in her early 50’s and left IRA to...

1035 Exchange takes place were the annuitant is the owner. After contract has been issued the ownership has now changed...

With no state income tax to worry about, Texas residents don't have to worry about the state tax impacts of making IRA contributions. Since there is no state income tax, a deduction for making an IRA contribution is irrelevant. Plus, when IRA distributions are made in the future, Texas residents will only owe federal income tax on those distributions (assuming the Texas' tax laws remain the same). If you happen to live in one of the other 43 states, figuring out the state income tax consequences of making an IRA contribution is likely to be a bit more taxing (pun definitely intended).

We have a client over the age of 59 1/2…looking to do a Roth converstion this year. Client is thinking...

My goal is to move post-tax contributions from my professional corporation’s profit sharing plan to a Roth-Ira without incurring any...

If you are the beneficiary of a deceased IRA owner, you have to begin taking required minimum distributions (RMDs). In some cases, there is an RMD you must take in the year the IRA owner dies. The required beginning date (RBD) for the IRA owner to have started taking their RMD is April 1 after the year they turned age 70 ½. If the IRA owner died before their RBD, there is no year of death RMD that you need to take. However, if the IRA owner died after their RBD, there may be an RMD that you as their beneficiary have to take that year.Basically, when the IRA owner dies on or after that

Mom inherited dad’s 401k when he passed away a few years ago. Now, mom has passed away and I am...

A Roth conversion could cost you more in 2013. That's because of several new and/or increased taxes in play for this year. The top income tax bracket is 39.6% for individuals married filing jointly with taxable income in excess of $450,000. A large Roth conversion could easily push an individual into the highest income tax bracket. When adjusted gross income for our married couple exceeds $300,000, personal exemptions and itemized deductions begin to phase out. And, when modified adjusted gross income exceeds $250,000, net investment income for our married couple becomes subject to the 3.8% surtax. So you can see how a Roth conversion could cost an individual more in taxes this year.

If a Cleint gifted $112,000 this year in March out of his cash on hand and then He passed away...