Last Minute Tax Tips

Let’s face it, this is not likely your most favorite time of year for one very important reason; taxes.

Fortunately for you though, there is help out there.  I love helping my clients to keep more of what they earn by helping them find ways they may have overlooked to reduce the amount that they ‘give’ to Washington each year. 

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Stretch IRA's

 

In a recent series of posts about Inherited IRA's, I wrote about various planning options that one might have when an IRA is passed on to you as the beneficiary.   If you missed the series, or would like to refresh your memory, feel free to check out part one, two and three

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Inherited IRA Planning Decisions Part Three

This is the third and concluding post about some options you might have if you inherit an IRA or benefit from an employee sponsored benefit plan.

If you're a non-spouse beneficiary of an IRA or benefit from an employee sponsored benefit plan, you unfortunately generally have far fewer options.

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Inherited IRA Planning Decisions Part Two

Recently I posted about some options you might have if you inherit an IRA or benefit from an employee sponsored benefit plan.  As promised, here are a few additional options for you to consider.

If the IRA owner or plan participant died before he or she began taking required minimum distributions, you can generally elect to distribute the entire interest in the IRA or plan within five years of the owner's or participant's death. (In this case, you don't have to begin taking distributions the year after death.)

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Inherited IRA Planning Decisions Part One

What are my options if I inherit an IRA or benefit from an employer-sponsored plan?

If you don't want the money, you can always disclaim (refuse to accept) inherited IRA or funds from an employer-sponsored plan. But if you're like most people, you’ll want the money.

Your first thought may be to take a lump-sum distribution, but that's usually not the best idea.

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