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Know Your IRA


Avoiding Spousal Beneficiary Mistakes in 5 Easy Steps

A spouse beneficiary must be married to the account owner at the time of the account owner’s death, and he or she must be named on the beneficiary form (or inherit directly through the document default provisions). A spouse beneficiary has a number of unique options. 1. Split the inherited account if necessary. A spouse beneficiary can take advantage of the special spousal rules if they are the sole beneficiary of an IRA account.

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Using IRAs to Help Children in 5 Easy Steps

Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial security. Saving $6,000 in an IRA annually from age 14 through 24 and earning 7% per year provides $1.16 million at age 61—even without contributing after age 24!

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Calculating Your RMD in 5 Easy Steps

An RMD is the minimum amount that must be withdrawn from a retirement account each year. The SECURE Act replaces annual RMDs with a 10-year payout period for most nonspouse beneficiaries who inherit in 2020 or later.

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Calculating the Pro-Rata Rule in 5 Easy Steps

What is the pro-rata rule? The pro-rata rule is the formula used to determine how much of a distribution is taxable when the account owner holds both after-tax and pre-tax dollars in their IRA(s). For the purposes of the pro-rata rule, the IRS looks at all your SEP, SIMPLE, and Traditional IRAs as if they were one. Even if you have been making after-tax contributions to a separate account for years, and there have been no earnings, you cannot isolate your after-tax amounts and must take your other IRAs into consideration.

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