An unreported retirement distribution related to an inherited individual retirement account is taxable, regardless of the taxpayer's maneuver to obtain the funds through a trustee-to- trustee transaction, the U.S. Tax Court has ruled in upholding a $13,600 deficiency assessment. The taxpayer was a beneficiary of his cousin's individual retirement account (IRA). The IRA was maintained by a bank. When his cousin died, the taxpayer opened his own IRA account with the bank and had the bank deposit the funds from the inherited IRA into his own IRA account. That same day, the taxpayer directed that the bank distribute the funds from his IRA. He received the funds in five separate checks totaling $45,500.
I've written about how the class action system benefits lawyers at the expense of class members. The poster child for the dysfunctional class action system was the Ford Explorer SUV class action settlement, a case in which plaintiffs' lawyers were awarded $25 million in attorneys' fees even though class members only received $74,000. Class counsel claimed that class members were receiving $500 million worth of $500 coupons toward the purchase of new Ford vehicles, but only 148 coupons were redeemed for a total value of $74,000. That's right, $25 million for the lawyers, although the class members actually received $74,000. But this holiday season brings to us what may be the gift of a new poster child for class action abuse. In a nationwide class action, now awaiting approval in the U.S...
... class members protect $400 billion in retirement account funds from losing their tax-exempt status....
Which retirement plan is right for your business? If you own a small business, there are many retirement plan alternatives available to help you and your eligible employees with retirement planning. For most closely held business owners, a simplified employee pension individual retirement account (SEP IRA) was once the most cost-effective choice. Then the savings incentive match plan for employees (SIMPLE IRA) became a viable alternative. Today you may find that a defined-benefit or 401(k) plan best suits your needs. To make an informed decision on which plan is right for your business, review the differences carefully before you choose.
THINKING about converting to a Roth Individual Retirement Account (IRA)? While many people will make that decision more from their heart than head, one important question to ask yourself is, how long can you keep your money in a Roth IRA? If you decide to convert, here are some other factors and strategies that will help you now and in the future.
Summary judgment granting attachment of an Individual Retirement Account ("IRA") in a creditor's bill action under R.C. 2333.01 was improper where the movant attached only unauthenticated copies of court documents and judgments from prior actions and unauthenticated documents establishing the existence of the IRA allegedly due to defendant-debtor. Movant failed to admit Qualified Domestic Relations Order ("QDRO") or other evidence sufficient to prove entitlement to the IRA as a matter of law, given the exemptions in R.C. 2329.66.
The survey found that the percentage of workers "very confident" about having enough money for a comfortable retirement decreased dramatically, from 27 percent in 2007 to 18 percent in 2008. More specifically, the percentage of those who are 'Very confident" in having enough money to take care of basic expenses decreased from 40 percent in 2007 to 34 percent in 2008 for workers and from 48 percent to 34 percent for retirees. Research shows that providing workers with access to a workplace saving plan dramatically increases the likelihood they will save for retirement AARP supports providing workers an automatic payroll deduction to an Individual Retirement Account (IRA), an option that would offer new hope to the millions of Americans who lack workplace savings plans and a new opportuni...
Taxpayers, you have less than a month to take advantage of a little-known, one-time opportunity in 2010: Converting your IRA. This year only, you can convert a traditional individual retirement account, or IRA, to a Roth IRA and spread the resulting tax liability over the next two years. It's the result of a provision in Small Business Act signed into law Sept. 27.
As the baby boomer generation begins to enter retirement, the focus on a comprehensive retirement plan has never been more prevalent. Most financial and tax professionals agree that proper retirement planning should include some sort of employer-sponsored retirement plan such as a pension plan, or a 401(k). But it should also include your own personal savings plan, such as an Individual Retirement Account (IRA).
An individual retirement account that a Chapter 7 debtor inherited from her father was exempt from her bankruptcy estate, the 8th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment. The debtor was the named beneficiary of her father's individual retirement account (IRA).
WASHINGTON, Aug. 11 /PRNewswire-USNewswire/ -- Eleni Constantine, director of the Pew Health Group's financial security portfolio, issued the following statement in support of legislation creating an "automatic IRA," S. 3760, introduced by Sen. Jeff Bingaman (D-NM) and H.R. 6099, introduced by Rep. Richard Neal (D-MA). Under these bills, employees who do not have a 401(k) plan with their present employer would be enrolled in an Individual Retirement Account (IRA) unless they decide to opt out. The research and analysis of Pew's grantee, the Retirement Security Project, identified the automatic IRA as a key solution to the gap in Americans' retirement savings. We applaud Senator Bingaman and Congressman Neal for their leadership in introducing this important legislation. These bills rep...
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