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Back to School? 10 Things You Must Know About Using Your IRA For Educational Expenses
The arrival of August means that it’s back to school time! This means it is time for new school supplies and other bigger expenses. Are you thinking about using your IRA to pay that large tuition bill? The rules can be complicated. Here are 10 things you will want to know: 1. Usually, if you…
Read MoreWhat's Your IRA Worth?
Many IRA owners invest in assets other than the usual stocks, bonds, cash, and mutual funds. In fact, the tax code allows for IRAs to invest in just about anything out there except for collectibles, life insurance, and S-corporation stock. But when you invest in those “other assets,” what are they really worth? If you…
Read MoreInheriting an Inherited IRA
What are the rules when you inherit an inherited IRA? We get this question frequently. Let’s consider what happens when using designated beneficiaries. Jim dies and names Mike as his beneficiary on the beneficiary form. Five years later Mike dies and has named Phyllis, who is a successor beneficiary, on the beneficiary form. Titling The…
Read MoreWinning at Life: How Should Newlyweds Invest Beyond Their 401ks?
On Winning at Life, Gregory Ricks and James Parker discuss a comment card from a recent Gregory Ricks Live. They are newlyweds in their 30s looking for some direction on what they should be doing now that they’ve maxed their 401ks, and would like to invest beyond that.
Read MoreBrent from Metairie: How do I invest in gold without buying physical gold?
Gregory Ricks and James Parker discuss different ways to invest in gold other than buying coins and bars with Brent from Metairie on Winning at Life.
Read MoreWinning at Life: How to Slash Taxes on Company Stocks in Your 401k
On Winning at Life, Gregory Ricks and James Parker explain how a rarely used rule called Net Unrealized Appreciation can dramatically reduce the tax burden of getting stocks out of your company plan.
Read MoreIRA Distribution Basics–Taxation of Distributions
Most IRA accounts hold pre-tax contributions and rollover amounts from employer plans. For purposes of this blog, I am going to assume that there are no after-tax amounts held in any IRA, including SEP and SIMPLE IRAs. IRA distributions where the check is made payable to the IRA owner or the funds are transferred to…
Read MoreOnce-Per-Year Rollover Rule – The Exceptions to the Rule
As with most IRA rules, there are exceptions to the once-per-year rollover rule. The rule applies to IRA-to-IRA and Roth IRA-to-Roth IRA 60-day rollovers. Just to be clear, an IRA rollover occurs when a check is issued by the IRA or Roth IRA custodian that is payable to the account owner. The following are the…
Read MoreThe High Cost of IRA Mistakes
So you think you don’t need/can’t afford an advisor? Have you considered the cost of making IRA mistakes? Even seemingly simple transactions are subject to rules and restrictions under the tax code. Did you contribute too much by mistake? This mistake cannot be corrected by simply withdrawing the excess amount. There are rules on how…
Read MoreThe 10% Penalty and Converted Funds–Five Things You Need to Know
Rules never go away as much as we may want them to at times, usually when we are just plain exhausted from life’s daily tasks and hardships. Whatever the case may be, it’s very important to increase our awareness and understanding of certain rules or else we can potentially face unwanted consequences, thereby making our…
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