IRA

Conquer Your Fear of Tax Season

One of the most common questions asked during tax season is, “Do I have to file a tax return?” The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your personal exemption, you must file a return. The standard deduction is higher for those 65 or older, so age makes a difference in some cases.

What Happens When Beneficiaries do Not Split the Inherited IRA?

Generally, the goal when naming IRA beneficiaries is that they will stretch out their distributions on the inherited IRA for as long as possible. The tax code and regulations currently support this goal by stating that the stretch option is the default option. But, of course, there are certain rules that must be followed. The IRA agreement must allow for a stretch option. As unbelievable as it may seem, there are still IRA custodians that do not offer a stretch option to beneficiaries.

Why You May Reconsider Naming Your Trust as Your IRA Beneficiary

IRAs have been around for decades. You may have had your IRA for years. Maybe many years ago, when you established your IRA, you named a trust as the beneficiary and haven’t thought a lot about it since. You likely spent both time and money drafting the trust and were careful to name the trust on your IRA beneficiary form. Here are some reasons why it might be worth it to reconsider that decision.

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