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How Your Inherited IRA Is Taxed

Have you inherited an IRA? What type of IRA is it? Your answer will matter a lot when it comes to your tax bill. Inheriting a traditional IRA will have very different tax consequences than inheriting a Roth IRA. Consider the following example. Let’s say Tom named his three children as beneficiaries of his three-million-dollar
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Retirement Plan Checks and 60-Day Rollovers

Generally, when you receive a check from your IRA custodian or employer plan, you have 60 days to rollover the funds to another retirement account, either an IRA or an employer plan. As with most retirement plan rules, this rule comes with two exceptions – one good and one bad. Let’s look at what happens
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Options for a Spouse Beneficiary–Remain a Beneficiary or Retitle to Your Own Account?

Warning! The options described here are for spouse beneficiaries named on the beneficiary forms of IRA accounts. Non-spouse beneficiaries and spouses who inherit through an estate have a different sets of rules. Your spouse has died and you are named the beneficiary of their IRA. What do you do now? The IRA custodian has automatically
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Want to Donate to Harvey Victims? Consider a QCD

As the flood waters slowly recede in the Houston area, many people are asking themselves how they can help the victims of Hurricane Harvey. For those who have IRAs and are charitably inclined a Qualified Charitable Distribution (QCD) may be one way you can help. QCD Rules Not everyone can do a QCD. A QCD
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Winning at Life: What If I Win the Lottery?

Winning at Life title

The largest single Powerball winner was on TV today, and Gregory explains how this is a bad sign that she’s getting off to a bad start. What SHOULD you do if you win the lottery (or otherwise come into a big pile of money)?