Not understanding the basics rules for inheriting an IRA can cost the beneficiary of an IRA money. The below information summarizes the key points of inheriting an IRA. Inheriting Traditional IRA as Spouse When a spouse inherits an IRA they first need to retitle the IRA into their own name. By doing this they are…
Author: Wyatt
529 plans are saving accounts for children’s education that offer tax benefits. The growth of investments in the 529 plan is withdrawn tax-free for approved education/college expenses. The plan can be used for any accredited college or university. Under the new tax law, there have been multiple changes to 529 college savings plans. A potential…