6 years ago same sex marriage was legalized. Since then, millions of same-sex couples headed to the alter. Many of these newlyweds, may not have paid much attention to the special breaks that married couples receive under the tax code. Here are four special IRA rules for spouses that same-sex couples should know about.
With the passage of the SECURE Act, once common IRA beneficiary planning strategies have been upended.
Surprisingly, the rules governing what happens when an ex-spouse acquires a Roth IRA after divorce are unclear. Here are just three of the many key items to consider.
Trick-or-treating in the time of a pandemic is a challenge. Social distancing while handing out candy requires some creativity. The Slott Report and Eastern Planning Inc. has elected to place a big bowl of random treats in front of our house for the kids to pick from.
For trusts that inherited an IRA in 2019, an important deadline is approaching. October 31, 2020 is the due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA.
IRAs are supposed to be for saving for retirement but in challenging economic times like these many individuals may be forced to take distributions before retirement age. Be careful! If you tap your IRA before reaching age 59 ½, the bad news is that you run the risk of being hit with the 10% early distribution penalty. The good news is that there are some exceptions to this penalty. You IRA distribution will still most likely be fully taxable, but you can spare yourself the additional 10% penalty if one of these exceptions apply to you.