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Naming a Beneficiary – Avoid 4 Common Pitfalls

  • August 20th, 2019

2019 – 08/20 Naming a beneficiary is a routine step for several types of accounts. Doing so assures the balance will go to the designated person when you die, or be divided as you wish among multiple people. Beneficiary designations are needed for life insurance policies, as well as annuities, retirement plans and IRAs. This…

Surviving Spouse who Inherited an IRA

  • August 20th, 2019

2019 – 08/15 Are you a surviving spouse who inherited an IRA? The beneficiary of a deceased spouse’s IRA must decide whether to roll it over into his or her own IRA, or leave the IRA in the deceased spouse’s name. Advantages to making the spousal rollover or election are that spouses, over age 59…

First-time Home Purchase? IRA vs 401(k)

  • August 20th, 2019

2019 – 08/16 Generally, amounts withdrawn from an individual retirement account (IRA) before age 59-1/2 are subject to an additional 10% tax. Exceptions exist, including when the funds are used for a first-time home purchase. One taxpayer took a distribution to purchase her first home, but the IRS applied the 10% tax. The distribution was…

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