Category - IRAs

1
Why Your Spouse May Be Your Best Option as an IRA Beneficiary
2
Should You Name Your Estate as the Beneficiary of Your IRA?
3
How To Use Your IRA To Invest in Your Business
4
Should You Make Non-Deductible IRA Contributions?
5
How To Do A Make a Tax Free IRA Withdrawl

Why Your Spouse May Be Your Best Option as an IRA Beneficiary

Since a surviving spouse gets the most tax breaks of all possible beneficiaries (other than a charity, perhaps), it seems that choosing your spouse as the beneficiary of your IRA may be the best way to go.

This is partly due to the availability of delaying taking distributions.  Any other beneficiary must begin taking Required Minimum Distributions (RMDs) by the end of the year following the year of the original IRA owner’s death.  The spouse beneficiary may defer distributions to the year in which the deceased would have reached age 70½, without taking any action.

In addition, any other beneficiary …

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Should You Name Your Estate as the Beneficiary of Your IRA?

While it seems to be a simple idea to just make your estate the beneficiary of your IRA, thereby allowing you to make adjustments to your final beneficiaries via your will – there is a problem that will arise if you decide to take this route.  Most often this line of thinking is used because there is the assumption that the money will be treated the same via your estate as it would if you specifically named the beneficiaries on the IRA documentation.

The problem is that IRAs are (as we’ve discussed in many other posts) much different from your …

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How To Use Your IRA To Invest in Your Business

As you know, it is against all the rules to use your IRA to invest in anything which benefits you or a related party.  This is one quick way to get your entire IRA disqualified, quite likely owing a big tax bill and penalties as well.

However – and there’s always a however in life, right? – there is one possible way that you could use funds from an IRA to invest in your own business.  It’s a bit tricky, but it is a perfectly legal, in fact encouraged, method.

Howzat?  The IRS encourages the use of IRA funds for …

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Should You Make Non-Deductible IRA Contributions?

If you find yourself in the position of having too high of an income to make a deductible contribution to your IRA for the year ($110,000 for joint filers in 2011, $66,000 for Single and Head of Household), you may be wondering if it’s a good idea to make a non-deductible contribution to your IRA.

There are two opposing camps on this issue, and the deciding factor is how you’re intending to use the funds in the near term.

When It’s a Good Idea

If you’re intending to convert your IRA to a Roth and your income is too high …

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How To Do A Make a Tax Free IRA Withdrawl

We’ve discussed in the past how it’s possible to eliminate quarterly estimated tax payments by using a withdrawal from your IRA.  But did you realize that you can actually put this method in motion without actually increasing your income?

Wait a minute… did you just catch that?  I’m telling you that you can eliminate your withholding or quarterly estimated taxes by using a withdrawal from an IRA – and that you can do this without having to recognize income from the IRA withdrawal.

It’s a little tricky, but if you’re not too faint of heart, this could actually be a …

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