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Executive Summary Mother paid medical expenses directly to provider, and also paid daughter’s real estate taxes. IRS denied deduction to daughter since the daughter did not pay the expenses. Tax [...]

Before they inherited $3 million in retirement accounts from their father last year, the three middle-aged siblings didn’t know it was possible for heirs to stretch out the tax benefits of such [...]

Later retirement could mean different IRA options. Be sure to explore them all. 

As of January 1 of this year, even upper-income Americans can have a Roth IRA.

Executive Summary Surviving spouse (S) was not treated as the payee of the decedent’s (H) IRA, and thus could not take the IRA and roll it over into an IRA in her own name.    Facts H died in [...]

EXECUTIVE SUMMARY A bankruptcy court in Florida has ruled that an individual’s IRAs are not exempt from the claims of creditors due to the individual’s transactions with the IRA. FACTS [...]

Iin a recent private letter ruling, that could best be described as not taxpayer friendly, the Internal Revenue Service has ruled that a transfer of assets from one IRA to another IRA, while the [...]

THE economic maelstrom has brought with it tremendous opportunities for financial planning with retirement accounts. For this year only, people over 70 1/2 with traditional I.R.A.’s and those who [...]

Transitioning from single to married life can be a challenge, and the U.S. tax code doesn’t make it easier. Should you file jointly or separately? What if you change your name? And [...]

Concerned about the economy and eager for help, taxpayers flooded the Daily News Tax Hotline Tuesday as the paper kicked off its annual free service. Phones rang nonstop, a Web chat attracted [...]