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Volume 7 Issue 7

Ask Your Questions to America's IRA Experts on June 12. Learn more here




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QUESTION OF THE MONTH

How Can I Find Out the Cost Basis of My 401(k)?

Q: I left my former employer 10 years ago with a 401(k). It informed me four years ago that I would need to move the plan to another plan. I moved the funds to another 401(k). As Iím approaching age 70 1/2, I have discovered that I donít know the cost basis of my 401(k). Where do I go to find this out? Answer

JULY KEY FOCUS

IRS Regulations Bring QLACs to Life

The IRS released the Final Regulations for "qualifying longevity annuity contracts" (QLACs) on July 1, 2014. Thanks to these regulations, you will now be able to purchase certain annuity contracts that can be excluded from the fair market value you use to calculate your required minimum distribution (RMD). Read More

RULING TO REMEMBER

IRA Balance Wiped Out When ENTIRE IRA Paid Out to Trust as IRA Beneficiary

In Private Letter Ruling (PLR) 201425023, the IRS ruled that a surviving spouse who received IRA proceeds through a trust, which was the beneficiary of her deceased husbandís IRA, could not roll over the IRA funds she received, because more than 60 days had passed since she received them. Why is this PLR a good example of what not to do with trust as IRA beneficiary? Read More

INSIDE ED SLOTT'S IRA ADVISOR NEWSLETTER

U.S. Supreme Court Rules Inherited IRAs Not Protected in Bankruptcy

Court of Appeals, "Appalled" With IRS Position, Overturns Tax Court Decision; Says Taxpayerís Rollover Valid

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@theslottreport: Despite what many think - you CANíT convert a non-deductible #IRA contribution tax-free in most cases.

@theslottreport: Workers can satisfy #401(k)/#IRA RMD rules if they use portion of retirement money to buy QLACs and begin collecting the income by age 85.

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