Are you named as a beneficiary on an IRA? It probably is not your intention to have a large portion of that inherited IRA go to taxes. How can you avoid this unfortunate outcome and maximize your IRA tax advantages? What is the most important thing you need to know as an IRA beneficiary?
The year-end required minimum distribution (RMD) questions are starting to come in. This one came in from an advisor. Melissa and her spouse Gary both turned age 70 this year. Melissa’s birthday is in May and Gary’s is in September. Who has an RMD for this year?
This week's Slott Report Mailbag answers questions on the tax "sweet spot" in retirement, the tax and penalty impact on a non-spouse beneficiary's inherited Roth IRA distributions and the future of the stretch IRA.
ABLE (Achieve a Better Living Experience) accounts are a brand new type of tax-favored savings account created to benefit young disabled persons. One of the questions that has been asked with increasing frequency is, “Should I use a special needs trust or an ABLE account to safeguard my money [for my special needs beneficiary]?” We outline 5 key areas to consider, along with a brief description of whether an ABLE account or special needs trust gets the edge in that area.
Are you self-employed or a small business owner and your business expenses go on your individual tax return? If so, and you have an extension for filing your 2014 federal income taxes, you may want to consider making a SEP contribution for 2014. It is not too late! Here is how it works.
In most cases, an IRA owner who names a trust as the beneficiary of their IRA names either the spouse or a child as the trustee of the trust. This may not be the best option, especially if they cannot answer the following 15 questions.
This week's Slott Report Mailbag answers questions on an IRA beneficiary's tax responsibilities, distribution procedures for employer retirement plans, and tax implications on a Roth IRA beneficiary's distributions.
For a variety of reasons, you might be considering naming a trust as your IRA beneficiary. If that’s the case, then chances are that you have questions about how, exactly, that would work. One of the most common questions people have when they name a trust as their IRA beneficiary is, “Who will pay the tax on the inherited IRA distributions? The trust, or the trust beneficiaries?” We answer that question in this article.
Are you retired and taking required minimum distributions (RMDs) from your traditional IRA? If you don't need the RMD money to live, there's a surprising suggestion that would help save for a child's education expenses.
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