This month's Ruling to Remember examines the case of a former plan administrator with the United Public Workers (UPW) Mutual Aid Trust Fund who was convicted of multiple crimes and used funds in a rollover IRA to pay the fine and restitution. What comes next is several judgments and disagreement over tax liability.
IRAs are designed to be used for retirement savings. Ideally, to maximize the benefits of these accounts, you should not touch these funds before reaching retirement age. However, in the real world, you may need money and consider tapping your IRA earlier. If you do, you should be aware of the 10% early distribution penalty. This penalty is assessed on early distributions from IRAs, in addition to any taxes you may owe. Here are ten things you should know about the 10% early distribution penalty and IRAs.
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?
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.
Have you seen or read those ads for putting gold in your IRA? They make it sound so easy. And that's the problem. In this article, we discuss the potential pitfalls and how to properly invest in gold with your IRA.
There are very few things an IRA cannot invest in. Those are collectibles, life insurance and S Corp stock. An IRA can invest in just about anything else. The key word here is that the IRA can invest in an asset. Here is the story of an investment gone wrong.
You may be familiar with Health Savings Accounts (HSAs). You probably know that these tax-advantaged accounts can be used to pay for medical expenses. However, you may not be aware that these accounts can be valuable retirement savings tools.
This week's Slott Report Mailbag looks at the logistics of naming a trust as IRA beneficiary for minor children and strikes down a common mistake made by employer plans when dealing with employer plan distributions rolled over to an IRA.
This week's Slott Report Mailbag, coming to you live from our 2-Day IRA Workshop in Philadelphia, contains questions from consumers screaming (sometimes literally) for help! In several cases, the issues involve the magic age of 59 1/2 and cover a variety of topics, including life insurance issues, 72(t) payments with a divorce and the Roth IRA 5-year rules.
Can you name someone who lives in a foreign country as a beneficiary of your IRA? What happens when a non-citizen owns or inherits an IRA? We answer these frequently asked questions as the global economy continues to grow.
