It paid to be a loser at this year’s Academy Awards, at least for some. Instead of taking home the golden Oscar, losing nominees in the big categories – best supporting actor, best supporting actress, best actor, best actress and best director – took home some serious swag.
IRS Publication 970 explains the tax benefits that may be available to individuals who are saving for or paying education costs for themselves or certain family members such as children. It includes information on Coverdell Education Savings Accounts (ESAs), qualified tuition programs (also called “529 plans”), student loan interest deductions, education savings bonds, and the education exception to the IRS 10% penalty for early IRA distributions. Read more to find out how you can use your IRA to pay for higher education.
We are in Las Vegas for our 2-Day IRA Workshop. On my way from the airport to the hotel upon arrival, my cab driver and I got into an interesting discussion on retirement plans. Is there a retirement plan for cab drivers? Does Las Vegas temptation cause many to squander retirement savings?
We are in Las Vegas this week for our 2-Day IRA Workshop. Of course, the mere mention of Las Vegas conjures images of big, lavish casinos, so that got us thinking. Are there parallels between your IRA and a casino? Sure there are some, but the reality is (as you might expect), there are some pretty big differences. Here are just three of them.
You can invest your IRA funds in just about anything. However, you’re not allowed to invest IRA funds in collectibles, life insurance, and S Corp stock; but other than that, almost everything else would be allowed. It’s important to understand that when we talk about investing your IRA funds, we’re talking about investments inside your IRA. Someone recently learned a hard lesson when he invested his IRA funds outside his IRA, which caused a taxable IRA distribution that the IRS wouldn’t allow him to fix.
You just hit the magical tax code age of 70 1/2 and decided it was time to move those employer plan retirement funds to an IRA. You must take your required minimum distribution from the plan first. What happens if you don't? IRA Technical Expert Beverly DeVeny outlines the consequences and how to correct them.
This week's Slott Report Mailbag goes situational - looking at an individual who forget to take his RMD (required minimum distribution) before rolling over his pension plan to an IRA, a woman who wants to find the best path to leave her IRA to her three sons and an employee who was re-hired by his old company and wants to know if he can roll his original 401(k) plan to an IRA. We have the expert answers.
Last week,we detailed the 14 proposals in the President’s budget that, if implemented, would have a direct impact on retirement accounts. Since that time we/ve been flooded with questions and comments about the proposals, how they would work and what our feelings about them are. Here are Jeffrey Levine's responses to a handful of those inquiries.
The IRS limits how much you can contribute to an IRA each year, yet some IRA holders don't know about the IRA limits. What happened to a married couple when they exceeded them and failed to rectify the error?
Is your spouse really your spouse (for retirement plan purposes)? We go through several court cases that illustrate how things may not seem as they appear when it comes to your "wives" and retirement plan beneficiaries.
