Archive - February 8, 2010

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What You Need For a Financially Successful 2010
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Avoiding Double Taxation on an Inherited IRA

What You Need For a Financially Successful 2010

It’s not to late to get 2010 off to a great start. Plenty of people make resolutions to lose weight, get a new job or make other things happen in their personal life, but relatively few make solid resolutions about money. Make 2010 the year you’ll live a better life financially. Here are a few resolutions to think about:

Write down the things you really want in life: Have you ever written down the big things you want in life? Granted, all great dreams don’t cost money, but many of them do. Money buys freedom – to travel, to retire …

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Avoiding Double Taxation on an Inherited IRA

Did you know that if you don’t pay close attention, you could be paying tax a second time on an inherited IRA – if the original owner’s estate paid estate tax.  You won’t find much (if anything) about this at the IRS’ website… not really sure why, but nonetheless, it’s a little-known fact that you can avoid this double tax.

Following are a couple of examples that explain how the IRD deduction works, so that you can avoid the double taxation problem.

First Example

You have become the sole beneficiary of your father’s $400,000 IRA.  According to the records for… Read More

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