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Volume 6 Number 8





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QUESTION OF THE MONTH

Is There a Tax Advantage to Giving My Granddaughter an IRA Distribution for College Tuition?

Q: In 2013, I will give my granddaughter $6,000 (estimate) for college tuition. Is there a tax advantage in taking it from my IRA? Designating it as an RMD (required minimum distribution)? I am 71 years old. Could you include any advice regarding taxefficient ways to fund college costs?... Read More

AUGUST KEY FOCUS

Contributing to More Than One Retirement Plan for the Year

While many Americans aren't saving enough for retirement, there are others who are saving a lot (true story). In fact, some of you have asked whether it's possible to contribute to more than one retirement plan for the same year. The answer is generally yes, but there are certain traps you should know about... Read More

RULING TO REMEMBER

Private Letter Ruling Tackles 60-Day IRA Rollover Rule

A taxpayer we will call "Greg" asserted that his failure to accomplish a prompt rollover of his distributed IRA funds within the prescribed 60-day IRA rollover window was due to the medical condition and death of his mother. Greg received a statement from his company in early December, indicating a retirement plan distribution less federal income tax withholding... Read More

INSIDE ED SLOTT'S IRA ADVISOR NEWSLETTER

No Pension Benefits For Widow Married Less Than a Year

Planning After The DOMA (Defense of Marriage Act) Decision

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TWITTER TALK

@theslottreport: We saw 10 #DIY shows over the weekend. Note: tiling your bathroom and making wedding invites are NOT the same as a DIY #retirement strategy.

@theslottreport: Many, many #IRS Private Letter Rulings each year are about failure to roll over an #IRA distribution w/in 60 days - big #taxes, penalites.

@theslottreport: Love this quote from @HerMoneyTalks "Put money on the menu" when you have family meals.

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