THE IRA AGGREGATION RULE: EASING RMDS, COMPLICATING ROTH CONVERSIONS

When you own multiple IRAs and take an IRA distribution, the IRS treats all your non-Roth IRAs as one. This helps you when you reach age 70 ½ and must begin taking annual required minimum distributions (RMDs). Instead of taking a separate RMD from each IRA, you can...

SEPARATING IRAS: TODAY’S Q&A MAILBAG

Question:  Is this a question you can help me with? Client’s husband & Wife had a living trust. Attorney suggested that all holdings be put into the trust or make the Trust the beneficiary. Husband died several years ago, in January, 2018 the wife died. There are...

DISASTER RELIEF INFORMATION FROM IRS

A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017...

YOUR IRA MAY GO TO THE GOVERNMENT, BUT YOU GET THE TAX BILL

Did you know your IRA could be escheated to the state as abandoned property? Not many IRA owners are aware of this possibility, but more and more are facing it. Escheatment – Bigger and Badder than Ever The legal theory of escheatment dates way back. It...