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Bill and Ted helped hasten the cease-fire's end by mishandling the weapons issue, misunderstanding the British and the Ulster Unionists, and promising more to the IRA than they could deliver.
Investors who reveled in this year's bull market have a few more things to cheer about: A cut in the capital gains tax rate, changes in laws on individual retirement accounts to allow more people to claim a tax deduction, and the Roth IRA.
You do not need your existing IRA funds for support during retirement: You will have a longer time to recover the taxes paid at the time of conversion if you don't take distributions out of your Roth IRA.
If the IRA holder dies before his RBD and names a beneficiary, he may provide that the assets of the IRA will be distributed over the single life expectancy of the beneficiary.
Increasing the time period of withdrawals only increases the relative advantage of converting to a Roth IRA.
My client and her sister each inherited 50 percent of three retirement accounts: a traditional IRA, a Roth IRA and a company-sponsored 401(k).
Individuals who invest in a 529 plan that produces state income tax savings always enjoy a better after-tax return than they would receive on the same investment for the same length of time in a Roth IRA, and generally enjoy a better after-tax return than in a traditional IRA or 401(k) plan.
Jameson Van Houten and Stonegate Financial Group do point out that taking this approach to enrolling in a Roth IRA is not a possibility for everyone.
If you think a self-directed IRA might be a good option for you, first consult with your CPA and then seek the advice of a financial institution that has trust powers to hold self-directed IRAs.
For single taxpayers, the amount that may be contributed to a Roth IRA is phased out once their modified adjusted gross income is $105,000, and no contributions to a Roth IRA are allowed once their modified adjusted gross income is $120,000.
The self-directed IRA is ideal for individuals who are not comfortable with the ups and downs of the stock market and want more control in directing their IRA dollars.
Generally, if the taxpayer receives distributions directly from the inherited IRA, the distributions are taxed, but the 10% penalty tax on premature withdrawals does not apply, even if the beneficiary is under the age of 59 1/2.