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Businessweek: “U.S. investors who convert a traditional Individual Retirement Account into two or more Roth accounts to make a bet on the market rising can save on taxes if it doesn’t. The multiple Roth IRAs should be split among different investments, according to Joseph Spada, managing director of Summit Financial Resources in Parsippany, [...] DesMoinesRegister.com: “The new year rings in a new financial planning strategy that could be right for many people: Roth IRAs. Previously, Roth individual retirement accounts were a tool only available to those who earned less than $100,000 annually, but now with the Tax Increase Prevention and Reconciliation Act of 2005, or TIPRA, everyone [...] Wall St. Journal: “Individual retirement accounts funded with 401(k) assets count among your traditional IRA assets during a Roth IRA conversion. The language is confusing, since many custodians refer to such accounts as rollover IRAs. But they are technically traditional IRAs. Any IRA labeled as a SEP, SIMPLE or contributory is included, as well. . [...] Bloomberg.com: “The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged. The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion [...] The Wandering Tax Pro: “For several years now tax professionals, myself included, and personal finance and tax bloggers, again myself included, and financial writers have been talking about 2010 being the year to convert to a ROTH IRA. . . . What we all have forgotten to remind you when discussing this issue [...] University of Illinois Professor of Law Richard L. Kaplan wrote a popular article on whether to convert a traditional IRA to a Roth IRA (click on the download link then click on the link to one of the download sites). Beginning in 2010, all taxpayers will be able to convert their existing [...] Wall St. Journal: Natalie Choate, an estate-planning lawyer and retirement plan expert answers the following question: My wife and I are retired and both are covered by my medical practice’s “professional practice corporation” retirement plans. We are in the process of discarding our old wills and creating a living trust. We have [...] Lawyers USA: “For the first time, as of Jan. 1, 2010, individuals with an adjusted gross income of more than $100,000 can convert an existing IRA or 401(k) account into a Roth IRA. Estate planning attorneys should contact their clients about this opportunity, and lawyers should consider whether to take advantage of the [...] FreeMoneyFinance: “For more than a decade, Roth IRAs have been offering investors a number of benefits generally including tax free growth in earnings, tax free withdrawals assuming you begin your withdrawals after the age of 59 1/2 and have held the Roth account for the minimum five-year holding period, and no required minimum [...] Arizona Republic: “Take your Social Security money early? Or hold out for a bigger monthly stipend? Whether out of necessity or a fear of leaving cash on the table, most Americans aren’t waiting until the traditional retirement age of 65 to put that government check in the bank.” See also “You can [...] Arizona Republic: “By now, word has gotten out that 2010 will be a big year for converting traditional individual retirement accounts into Roth IRAs. That’s when tough eligibility rules, which have prevented higher-income people from making the switch, will be repealed. Plus, traditional-to-Roth conversions done in 2010 come with a special sweetener: Normally, [...] Money Under 30’s article entitled “23 Things Beginners Absolutely Must Know About Saving for Retirement” has lessons for investors of all ages. “Whether you’re just starting your first ‘real job’ or have been in the workplace for a few years but haven’t gotten around to saving for retirement yet, listen up: it’s [...] Wall St. Journal: Kelly Greene answers the following questions in an article dated October 24, 2009: “If I leave a Roth IRA to my wife, does she have to make required withdrawals every year? And if my wife then names our two adult children as equal beneficiaries of the same Roth IRA, [...] Wealth Strategies Journal: “We insure our life, health, our houses, our cars, teeth, eyes, our jewelry, our art, our voices, our pets ……. why not our stocks and bonds? . . . In this article the term portfolio insurance should be reckoned the very same way as we think of insurance – protection [...] Wall St. Journal: “Inherited IRAs don’t work like regular IRAs. If you inherit an IRA from anyone other than your husband or wife, you can’t roll it into your own IRA. And you can’t consolidate IRAs you inherit from different people into one account.” Next year people will have the ability to convert their traditional IRAs to Roth IRAs. The decision to convert or not convert has significant economic consequences. For more on this topic, see ” To Roth or Not to Roth: Analyzing the Conversion Opportunity for 2010 and Beyond.” Beginning in 2010, all taxpayers [...] Too many people put money in their IRA or retirement plan and then forget about it. There are important planning steps that you can take that can be beneficial to you and to your heirs. This article summarizes various IRA and retirement plan planning opportunities. The bottom line, review and monitor your [...] Arizona Republic business reporter Russ Wiles asks “Is a Roth conversion right for you?” Roth individual retirement accounts have emerged as a popular tax-sheltered way to invest, and they’ll only get better next year. Starting in January, Congress will drop the eligibility barriers so that any investor, regardless of income, will be able to transfer money [...] A reader asks Wall St. Journal writer Kelly Green the following: My wife and I are both over 65 and are doing some estate planning. Can I transfer funds from a traditional IRA to a trust without immediately being taxed? What would be the tax consequences of making the trust the beneficiary of my IRA? The answer [...] |
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