From: www.thebalance.com
Inherited IRA Rules for Non-Spouse Beneficiaries
As the U.S. population ages, it is common to inherit an IRA from mom or dad, an aunt or uncle, or even a sibling or friend. This often happens when you are in or near retirement. You have a few choices on how you treat this IRA. (If you inherited an IRA from your spouse different options apply so see…
From: www.thebalance.com
Cashing Out Your Inherited IRA vs. Stretching Out Your Inherited IRA
You have several options for what you can do with an inherited IRA if you aren’t the spouse of the account owner. Unfortunately, many IRA beneficiaries aren’t aware of all their options, so they immediately cash out the IRA and end up with a huge income tax bill.
But income taxes can be…
From: www.financial-planning.com
When it comes to IRAs, the tax rules get pretty complicated to say the least.
Here are five unusual quirks that all financial planners should know. Understanding these anomalies could come in handy, helping you save clients some serious money.
1. Military death benefits can be contributed to a Roth IRA: Help families of veterans with this one because it can make a big…
From: www.horsesmouth.com
IRA distribution planning is becoming a high-stakes game for clients in more ways than one. Gone are the days when simply dropping dollars into a traditional IRA was the sensible thing to do.
IRA distribution planning is entering a new world, a departure from the days when simply dropping dollars into a traditional IRA was the sensible thing to…
From: www.irahelp.com
An inherited IRA can be a great thing for the beneficiaries. It is almost like winning the lottery or the Reader’s Digest sweepstakes. You get income for life, or do you? It is all too easy to miss out on this opportunity. The following apply to beneficiaries who are named on the beneficiary form. Beneficiaries…
From: www.kitces.com
The benefit of contributing to pre-tax retirement accounts like IRAs and 401(k) plans is the opportunity to receive an upfront tax deduction, and enjoy the growth that remains tax-deferred as long as the investments remain in the retirement account. For those accumulating towards retirement, this provides additional tax-deferred compounding growth that can help bridge the gap towards retirement itself. With…
From: www.aaepa.com
As I discussed in last week’s blog, retirement assets, including 401(k)s, IRAs, etc., comprise a large portion of the average American’s wealth. Planning for these assets is critical, not just due to their value, but also due to their special nature.
Traditional IRAs and 401(k)s and the earnings on them are tax-deferred. Roth IRAs and 401(k)s are tax-free. However, there’s another characteristic of…
Employee Retirement Income Security Act of 1974 (ERISA):
From: www.theentrustgroup.com
Q: Can I transfer real estate property held in a Solo 401(k) into my self-directed IRA?
A: If you have reached one of the distributable events in a 401(k) plan, you can directly rollover the proceeds into an IRA. Below are typical distributable events found under the IRS website:
Employee elective deferrals (and earnings, except in a hardship distribution) — the plan may permit…
From: www.GAFRI.com
You’ve planned carefully for your retirement. And, the rewards for that wise planning can surface as IRA or annuity assets that you may not need. Taking only the Required Minimum Distribution (RMD) from your IRA, or owning a non-qualified annuity contract, may protect you from a sizeable tax liability and…
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