Two individuals wanted to purchase a business together. They set up self-directed IRAs and a corporation to hold the business. The self-directed IRAs purchased the shares of the new company, which then purchased an ongoing business. The purchase of the business was partly funded with loans that were personally guaranteed by the two individuals.
This week's Slott Report Mailbag talks about Roth IRA conversions, how they are taxed and whether President Obama's budget proposals would cap Roth IRAs.
The IRA distribution tables can be confounding to the average retiree. What table should I be using? How do I calculate my RMD (required minimum distribution)? We look at several different scenarios and provide the facts and common misconceptions involving the IRA distribution tables.
I hear this a lot. "The contribution is to a non-deductible IRA." Or, "I have a non-deductible IRA." There is no such thing as a non-deductible IRA. There are non-deductible contributions made to an IRA. Think about it. Even if a contribution is made to a non-deductible IRA, it will not remain entirely non-deductible for long. There are some sort of earnings on the account – even if it is invested in a money market IRA. Would you make a contribution to an IRA that guaranteed no earnings for as long as you had any funds in the account?
The unofficial end of summer comes with the Labor Day weekend...where did time go? Time does in fact fly, which makes planning for your future today more important. After all, tomorrow will be here before we know it. This week's Slott Report Mailbag includes questions (and our answers) on the Roth IRA 5-year rules and the best ways to leave an inheritance to younger beneficiaries.
Ed Slott, named “The Best Source for IRA Advice” by The Wall Street Journal, is now a featured blogger for the national website, www.RetireUSA.net and its popular blog (http://retireusa.net/blog). Based in Ashland, Oregon and launched earlier this year, the fast-growing website and blog were created to serve the needs of 79 million baby-boomers exploring ways to live a successful retirement.
Can you put your IRA into your trust? NO Can you transfer it to your spouse? NO. We explain why below.
This week's Slott Report Mailbag delves into inherited IRA questions as well as a common situation involving required minimum distributions at age 70 ½. Click to read a Q&A with our IRA Technical Consultants.
Today is a very special day here at the Slott Report. Why is that, you ask? Well, today is the start of a brand new feature here at the blog called "5 Quick Questions." From time to time you will see new 5 Quick Questions on all sorts of IRA and retirement account related topics.
We received an IRA mailbag question from Greg, who wanted to know if he could consolidate all of his separate converted Roth IRA funds into one account. Two important factors to answer this question are: 1) how long have the converted funds been in the Roth IRA? 2) how old is Greg?
