Q: As the owner of a 529 plan for a student beneficiary, is it better to pay college expenses and take a distribution from the 529 plan as reimbursement, or have the beneficiary take a distribution for college expenses they incur?
A recent IRS Announcement has created a dangerous tax trap for people using IRA Rollovers. The IRS will now follow the decision from the recent tax court case of Bobrow v. Commissioner. This decision holds that a taxpayer may make only one tax -free, 60-day rollover between IRAs within each 12-month period.
Premium increases on existing long term care insurance (LTCi) policies have been dramatic over the past few years. In general, these increases reflect higher claims against the policies than the carriers anticipated.
First, what is an in-service withdrawal? An in-service withdrawal is a provision available in some company-sponsored retirement plans that allows for participants aged 59 1/2 or older to withdraw all or part of the their 401(k) or profit sharing plan balance and roll it into an IRA while still eligible to participate.
In general terms, Millennials are the segment of the population born between 1980 and 2000, ranging in age from 18 to 33. They are sometimes referred to as “Generation Y,” and are the children of the baby boom generation.