Showing posts with label IRA. Show all posts
Showing posts with label IRA. Show all posts
Wednesday, October 5, 2022

Ohio Department of Medicaid Changes Treatment of Retirement Plans- Eases Burden of Planning

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The Ohio Department of Medicaid (ODM) has finally adopted a change that means retirement accounts will no longer be counted  as resources fo...
Monday, September 20, 2021

Liberal Magazine Fires Shot Across the Bow of Cruise Ship Roth IRA

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A Roth IRA is an individual retirement account (IRA) that allows qualified withdrawals on a tax-free basis provided certain conditions are s...
Monday, May 10, 2021

Trusts as Beneficiaries of IRAs Post Secure Act- The Song Remains the Same?

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A common question this year is, "should I name my trust the beneficiary (or contingent beneficiary) of an IRA after passage of the Secu...
Thursday, April 29, 2021

Inherited IRA Beneficiaries May Be Required To Take RMD’s

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The SECURE Act became law on January 1, 2020 and made several changes to the rules for retirement accounts. One provision is that non-spous...
Wednesday, March 24, 2021

Importance of Senior Tax Deduction Returns in 2021

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A tax break for seniors that all but disappeared last year has resurface this year. This tax break benefits retirees in their 70s and up. Th...
Monday, February 3, 2020

Secure Act- As the Dust Settles

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The SECURE Act was passed in late December, so the first few weeks of the year brought significant discussion about what it means, what i...
Saturday, October 28, 2017

Skipping the 401(k) RMD Without Penalty For Those Continuing to Work After Age 70

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More than ever, workers are continuing to work into their 70s and beyond.  The general rules governing retirement accounts require nearly ...
Monday, March 16, 2015

Inherited IRA Not Part of New Jersey Resident's Bankruptcy Estate

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A U.S. bankruptcy court determined recently that, at least under New Jersey law, an inherited IRA is not part of the bankruptcy estate, not...
Tuesday, September 16, 2014

Roth IRAs Dim as Inheritance Vehicles- Beware the Rush to Covert

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Roth IRA's may sound like a great idea for passing wealth to family members—the funds essentially can grow tax-free over your lifetim...
Thursday, July 10, 2014

Inherited IRA's are not Exempt from Creditors in Bankruptcy

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In a unanimous opinion, the U.S. Supreme Court has ruled that funds held in an inherited individual retirement account (IRA) are not exempt...
Thursday, April 24, 2014

IRAs Can Affect Medicaid Eligibility

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For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets. If you do not plan properly, IRAs can c...
Thursday, March 6, 2014

MyRA?

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President Obama announced  a new retirement savings program for people who do not currently have an employer-sponsored plan during  his 2014...
Monday, December 9, 2013

Supreme Court to Decide Whether Inherited IRA's Protected from Creditors

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The U.S. Supreme Court has agreed to hear a case that will decide whether inherited individual retirement accounts (IRAs) are available to...
Sunday, February 24, 2013

IRS Reminder: 2010 Roth Conversions May Require Income Reporting on 2012 Return

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The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most case...