With many Americans living much longer due to advances in medicine, some seniors have asked whether Medicaid can take their IRA to pay for nursing home care, should they require it at some point. The answer to that question is complicated and should be addressed by an elder-care planner. Some general information follows.
For Valentine’s Day many of us gave or received tokens of love such as flowers, candy, jewelry, or a nice dinner in a restaurant. But now Valentine’s Day is over (much to Hallmark's chagrin). That makes this a good time to think about our beneficiaries. How much do we love them? Do you love your beneficiaries enough to take the time to check up on your beneficiary forms for your retirement accounts? You really should consider doing this because there are plenty of "un-loving" consequences if you don't.
President Barack Obama delivered his State of the Union address to the American people last night. With that in mind, we want to take a look at some of the questions that arise when the State of your Union changes. What changes are there to your IRA when you get married? What would happen to your IRA if you got divorced? We explore these questions and more in a short Q-and-A below.
Now that 2012 has passed and you are starting to think about gathering the information to prepare your 2012 tax return, you may have noticed that you forgot to take your IRA required minimum distribution (RMD) for 2012.
If you wanted to have a 2012 Roth IRA conversion, the conversion funds had to leave your IRA account by December 31, 2012. They don’t have to be in the Roth IRA in 2012, they just need to be out of the IRA in 2012. You can take a distribution payable to yourself in November or December 2012 and within 60 days, sometime in January or February, roll over the funds to a Roth IRA. You can even take the funds from an IRA at financial institution A and roll them over to a Roth IRA at financial institution B.
As we reported earlier, the American Taxpayer Relief Act of 2012 (ATRA) extended the qualified charitable distribution (QCD) rules retroactively for 2012 and through 2013. Two special rules allow IRA owners to have a donation made before February 1, 2013 be treated as a 2012 QCD. Click to learn more about the new IRS guidance on QCDs.
The rules for operating an employer retirement plan are complicated and mistakes are sometimes made. Recently, the IRS released Revenue Procedure 2013-12 with information that updates the Employee Plans Compliance Resolution System (EPCRS) for addressing various retirement plan compliance problems.
The new tax provisions within the American Taxpayer Relief Act of 2012 make some subtle, if not substantial, changes to income tax rates, the top estate tax rate, capital gains rates for upper-income earners and more. Click to learn how these changes may impact you.
You may not have noticed that the IRA contribution and income limits increased for 2013 thanks to wall-to-wall coverage of the fiscal cliff. You may not have noticed that the IRA contribution and income limits increased for 2013 thanks to wall-to-wall coverage of the fiscal cliff.
Whether it be from injury, illness or otherwise, being disabled can be physically trying and mentally challenging. It can also be tough on your wallet, as being disabled often carries with it additional medical costs, not to mention a possible loss of earning power. Certainly no one in their right mind would ever choose to be disabled, but if life has dealt you this hand, there are a few benefits available under the tax code to help you make the most of your retirement accounts. Below are three such benefits, discussed in greater detail.
