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Category Archives: IRA Cataegories
Check Your Beneficiary Forms!
January 29, 2011 A lot can change in a year, such as marriage, divorce, birth or death. When these types of “life events” occur, beneficiary forms need to be updated. Make sure your beneficiary form is up to date. Do … Continue reading
Posted in Beneficiary Forms, IRA
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Make your IRA or Roth IRA contributions early!
January 23, 2011 You have until April 15 of the following year to make an IRA or Roth contribution for the prior tax year. In other words, you can make a 2011 IRA or Roth contribution on April 15, 2012. … Continue reading
Posted in Due Date of IRA Contributions, IRA
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Multiple Beneficiaries of Your IRA Account
Last week I wrote about the issues that you may have if you have more than one beneficiary to your IRA account. I wrote last week’s article because of a case that I was working on. The financial institution (a … Continue reading
Do you have more than one beneficiary named on your retirement account(s)? If so, you need to read this.
Make sure you understand the retirement plan beneficiary form that you sign. One of our local banks is very inflexible in regards to beneficiaries of their retirement accounts. I had a client who died in 2009 and his spouse was … Continue reading
Source of Valuable Information On IRAs, Roth IRAs & Related Topics
October 9, 2010 I recommend visiting Ed Slott’s Web page for a discussion forum where you can ask questions and also see other questions and the answers to those questions. http://www.irahelp.com/forum/viewforum.php?f=1
Posted in Ed Slott, IRA, Rollover IRA, Roth IRA, Roth IRA Advantages
Tagged Ed Slott
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IRA Beneficiary Form Common Error
September 21, 2010 “Per Stirpes” election on your beneficiary form. I was going over some of the common mistakes in IRA beneficiary forms at a workshop that I gave to a local Kiwanis Club. One of the mistakes that I … Continue reading
Posted in Beneficiary Forms, IRA
Tagged Beneficiary Form Errors, Beneficiary Forms, Per Stirpes
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10% Early Distribution Penalty Exceptions
Type of Exception Exception Applies To Plans & IRAs IRAs Only Plans Only Death V Disability V Annuitizing (72(t)- Substantially Equal Periodic Payments) V Medical Expenses V IRS Levy V Active Reservist V Higher Education Expenses V First Time Home … Continue reading
Beneficiary Form Trumps Your Will
Since January 1, 2010, I have presented seminars on Roth Conversions and Other IRA issues at churches, civic clubs, for other CPA firms, and for our clients. I judge how well I am doing by the number of questions that … Continue reading
Traditional IRAs vs Roth IRAs
When I ask a client who is still working what they think of Roth IRAs, they usually say they would rather contribute to a traditional IRA so they can get a tax deduction. My next question to them is, “Are … Continue reading
Why are IRAs Different Than Other Assets?
The beneficiary forms determines who inherits the IRA, not your will IRAs have required distributions IRAs have a set of complex distribution rules during life and after death
Posted in Beneficiary Forms, IRA, IRA Trusts
Tagged IRA Charateristics, IRAs, IRAs are Different
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