Posted by admin On February 14th
Each year the IRS adjust the rules and limits for IRA’s, 2012 is no different. For any individual who holds an IRA staying up to date on the rules is crucial. Not knowing the rules can result large fines, penalties, and possible the loss of the IRA tax shelter benefits.
For Traditional IRA’s in 2012 nothing has really changed. Contribution limits continue to be $5,000 for individuals under 50 and a $6,000 for individuals over the age of 50. Individuals over the age of 50 are allowed to contribute an extra $1,000 as a ‘catch-up’ contribution because they are closer to retirement age. Read the rest of this entry »
Posted by daveowensfl On January 19th
There was an interesting article in today’s Wall Street Journal that detailed Presidental hopeful Mitt Romney’s IRA and what he owns in it. Low and behold Mitt has a self-directed IRA. Mitt holds several private and alternative investments. Most notably in his portfolio is a Bain Capital shares or membership interest.
Mr. Romney has a excellent tax planning team that has layered his investments for liability protection and tax sheltering. The article was correct on many key facts. The article pointed out the IRAs that own businesses are subject to UBIT tax. They were not sure if Mr. Romney was paying UBIT becasue of the offshore corporation that was set up for asset protection. I would assume he is not paying UBIT because that is the way the law does not require if if you own an offshore corporation. Read the rest of this entry »
Posted by brandonhall On April 14th
If you are under 59.5 years old, you are probably aware that you cannot take distributions from your IRA without paying a 10% penalty to the IRS for early
withdrawal. However, there are situations that would allow for penalty free distributions. Keep in mind, unless it is a Roth IRA, you will still have to pay ordinary income taxes on the distribution. However, assuming you fit one of the
criteria below, you can avoid the 10% penalty. Read the rest of this entry »
Posted by brandonhall On April 5th
The Pension Protection Act of 2006 permits individuals to distribute up to $100,000 directly from an IRA to a qualifying charity without having to recognize the taxable implications of the distribution.
- Who is eligible for a QCD?
A qualified charitable distribution is eligible from any traditional IRA as long as the individual account owner is over the age of 70.5. This provision is time-limited, but has been extended through 2011 through the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
Read the rest of this entry »
Posted by admin On June 28th
For sports fans in America, Soccer is odd. Someone you know has played and depending on your age, you either spend a lot of time cutting oranges and driving in the van, or ran in the cloud of little munchkins until you were big enough to strap on the shoulder pads. Either way, there is a love/hate relationship with soccer. But every four years, Americans are exposed to the myriad of cultures rooting on their national team in a way that can only described as fanatic. Read the rest of this entry »
