IRAs

When a trust is specified as the beneficiary of an IRA, when the IRA owner dies, the trust receives the IRA. The IRA is then kept as a separate account and treated as a trust asset. The following are some compelling reasons to name a trust as an IRA beneficiary rather than an individual: Getting […]

A qualified charity distribution (QCD) is a direct transfer of monies from your IRA custodian to a qualifying charity. As long as certain conditions are followed, QCDs can be used to meet your required minimum distributions (RMDs) for the year. A QCD, unlike regular IRA withdrawals, excludes the amount donated from taxable income, in addition

Independent Retirement Accounts (IRAs) are a type of tax-advantaged retirement savings account. IRAs are frequently protected from creditors under federal and state legislation. When the creditor is the Internal Revenue Service, however, these safeguards are not accessible. To fulfill outstanding federal tax liabilities, the IRS might levy your IRA. The IRS does not need to

Children of any age are eligible to contribute to an IRA if they have earned revenue from a job, whether it is from an employer (such as a paper route or lifeguarding) or from their own small business. The lesser of $6,000 or your child’s taxable earnings for the year is the maximum contribution your

No, that is not the case. In an IRA, no losses nor earnings are ever recorded. Only when all monies from all IRAs are withdrawn, and there must be basis, can you deduct a loss in an IRA. For an IRA, basis refers to nondeductible (after-tax) funds, which are scarce in most standard IRAs. Can

Married couples, like single filers, can have numerous IRAs, while jointly owned retirement accounts are not permitted. You can each put money into your own IRA, or one spouse can put money into both. Can you combine husband and wife IRA accounts? Spouses cannot own an IRA together. It can only be held in the

Roth IRAs give married couples the opportunity to save money for retirement. Each spouse in a marriage may contribute money to a Roth IRA in his or her own name if they meet the exact federal conditions for being able to do so. Couples cannot contribute to a single IRA with both of their names

Married couples, like single filers, can have numerous IRAs, while jointly owned retirement accounts are not permitted. You can each put money into your own IRA, or one spouse can put money into both. Can my wife and I both have Roth IRA? “Can my wife and I both have a Roth IRA?” many spouses

Most pre-retirement payments from a retirement plan or an IRA can be “rolled over” into another retirement plan or an IRA within 60 days. You can also route the payment to another plan or IRA through your financial institution or plan. Can you roll a pension into an IRA without paying taxes? A qualifying pension

A spouse who does not receive an income can also save for retirement. The nonworking spouse can open and contribute to their own traditional or Roth IRA if the other spouse works and the pair files a joint federal income tax return. A nonworking spouse can contribute the same amount to a spousal IRA as