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Volume 6 Number 7





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QUESTION OF THE MONTH

Does the 3.8% investment surtax apply to retirement funds?

Q: You recently said that a 401(k) distribution would add to your MAGI (modified adjusted gross income) for the purpose of determining if you are subject to the 3.8% surtax. What about Roth IRA distributions? Would they also count towards your total MAGI income for surtax purposes?... Read More

JULY KEY FOCUS

Supreme Court Rules Defense of Marriage Act Unconstitutional: IRAs are Affected

On June 26, 2013, the Supreme Court ruled that the Defense of Marriage Act (DOMA) was unconstitutional. The ruling opens the door for same-sex couples who are married under state law to enjoy the same tax benefits that opposite-sex married couples have... Read More

RULING TO REMEMBER

Private Letter Ruling Tackles 60-Day IRA Rollover Rule

A taxpayer we will call Debra asserted that her husband, who we will call Bill, took a distribution from her IRA without her knowledge or consent on January 5, 2009. Debra contended that her failure to accomplish a rollover within 60 days was due to the fraudulent withdrawal of amounts from her IRA without her consent... Read More

INSIDE ED SLOTT'S IRA ADVISOR NEWSLETTER

Personal Loan Guarantees Disqualify IRAs

Disqualfied IRAs NOT Protected in Bankruptcy

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TWITTER TALK

@theslottreport: When #IRA owner dies, spouse beneficiary can do spousal rollover of deceased's IRA to own IRA & NOT take death distributions until age 70 1/2.

@theslottreport: Crazy stat courtesy of @ReutersMoney: Americans age 60-plus owe $43 billion in student loan debt.

@theslottreport: In discussions we have with advisors, consumers about the Affordable Care Act, surprise so few know about surtax.

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