Advancing Knowledge in Financial Planning
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3 Comments CATEGORY: Taxes
To preserve the ability to stretch IRA distributions for a beneficiary, that individual must start taking withdrawals based on his/her life expectancy in the year after death. If those required withdrawals don't start on time, can you still rectify the situation to preserve the tax deferral?
The good news is that recent private letter ruling 200811028 (and more recently, IRS Information Letter 2016-0071) indicates the answer is "yes."
2 Comments CATEGORY: Investments
As financial planners, we've all heard the old saw "never put a tax shelter inside of a tax shelter" - in other words, don't buy tax-exempt municipal bonds inside of a tax deferred retirement account like an IRA or Roth IRA.
Well, it seems that "never" may have just arrived. Because in an environment where the outright yield on municipal bonds is better than taxable bonds, it really can be appropriate to own a muni bond inside of an IRA!
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0 Comments CATEGORY: Investments
The rising price of various commodities, linked in part to the falling dollar, have begun to impact the cost of a broad array of goods in the U.S., from the cost of building construction to gasoline at the pump to food at the grocery store. Now, the decline of the dollar is being felt directly by the U.S. government, with a painful rise in the cost of the penny!
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0 Comments CATEGORY: Investments
The Office of Federal Housing Enterprise Oversight (OFHEO) has just released the new maximum conforming loan limits, established pursuant to the Economic Stimulus Act of 2008, which will allow homebuyers in several metropolitan areas to obtain conforming loans as large as $729,750, instead of the former limit of only $417,000.Read More...
11 Comments CATEGORY: Retirement Planning
An interesting article in the syndicated column of Scott Burns suggests that it may be a wise strategy for those at or around age 70 to withdraw from Social Security and reapply to increase their benefit. Is this a Social Security loophole, a great deal, a trap, or just another good arrow in the financial planner's quiver?Read More...
1 Comment CATEGORY: Retirement Planning
A new study from Sun Life Financial suggests that retirees may have a consistent sequence of extra spending goals throughout their retirement years. Of course, practicing financial planners have acknowledged for years that retirement spending isn't perfectly level from year to year, but Sun Life's new study suggests that there are some consistent patterns that can be gleaned.
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0 Comments CATEGORY: Investments
Last month, the Treasury announced that they were significantly reducing the availability of Series EE and I savings bonds, decreasing the maximum allowable purchase from at $5,000 per Social Security number per year (reduced from $30,000), and the new limits took effect on January 1, 2008!
0 Comments CATEGORY: Taxes
Taxpayers awaiting a refund may be delayed in their ability to file early and receive that refund, due to Congress' late passage of an AMT patch - but apparently, the delay won't impact as many taxpayers as first feared.
0 Comments CATEGORY: Taxes
In its list of required plan amendments for 2008, the IRS has failed to include any mandatory requirement that plans provide for non-spouse beneficiary rollovers to IRAs. This implies a change in position from their Interim and Discretionary Amendments release issued in the fall of 2007, which suggested that the IRS intended to acquiesce in advance of a Congressional Technical Corrections bill that non-spouse beneficiary rollovers from employer retirement plans to inherited IRAs would be mandatory, as covered earlier in this blog.
5 Comments CATEGORY: Taxes
The IRS has just released Revenue Ruling 2008-5, cracking down on a perceived loophole in the so-called "wash sale" rules where an individual sells a security at a loss and purchases a substantially similar security in his/her IRA. And unlike a typical wash sale where the rules simply temporarily disallow the loss, in the case of a wash sale with an IRA the loss will be permanently forfeited under the new rules!Read More...
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