Can my IRA be used for college tuition?

July 7, 2024 No Comments

A: You can use your IRA to pay for college tuition even before you reach retirement age. In fact, your retirement savings can be used to pay for a wide range of education expenses for you, your spouse, your children or your grandchildren. Education: An

Can I have a self-directed IRA or Roth IRA using the forex market?

July 7, 2024 No Comments

A: In the U.S., one of the best ways for individuals to protect their income from taxes and save for retirement is by using an individual retirement account (IRA). IRAs come in many forms that can be tailored to specific individual preferences. However, significant rules

Can personal loans be included in bankruptcy?

July 7, 2024 No Comments

A: Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case of bankruptcy. Types of Dischargeable Debt A discharge releases individual borrowers from the legal obligation to pay previously existing debts. Other types of dischargeable

Can I leave my pension to my spouse when I pass away?

July 7, 2024 No Comments

A: In most cases, an individual with a pension plan should have the option to leave at least a portion of his or her pension to a surviving spouse and/or child. Oftentimes, this can be done by purchasing an option on the pension plan. However,

Can I roll a traditional IRA into a 529 college account for my grandchild?

July 7, 2024 No Comments

A: The short answer: Not without paying taxes. But as with much of the tax code, there are various nuisances and exemptions to expound. The IRS considers moving money from your IRA to a 529 plan as a distribution included in your taxable ordinary income.

Can I roll my 401(k) and/or IRA funds into a more liquid investment fund without penalty?

July 7, 2024 No Comments

A: Choosing your retirement plan investments requires the assistance of an expert who is able to analyze your options and to help you choose the investments that best suit your profile. The investment advisor will take into consideration your risk tolerance and how soon you

Can I roll over a 403b plan?

July 7, 2024 No Comments

A: Part or all of the funds in a 403(b) plan can be rolled into an eligible retirement plan. Rollovers into a traditional IRA or non-Roth retirement plan are generally tax free. Funds can go into a Roth IRA by direct rollover, subject to income

Can a person who is retired continue to fund an IRA?

July 7, 2024 No Comments

A: For the purposes of contributing to an IRA, compensation (i.e. earned income) does not include income from a pension, an annuity or Social Security. Generally speaking, you must have earned the income by performing services (i.e. work) or received it as alimony and/or a

Can a simplified employee pension (SEP) IRA be converted to a Roth IRA in the same manner that a Traditional IRA can?

July 7, 2024 No Comments

A: Yes. An SEP IRA can be converted to a Roth IRA. As you may know, an SEP IRA is just a Traditional IRA that receives employer SEP contributions. Once the SEP contributions are made to the account, they immediately assume the identity of regular

Can a spouse who is not named as a beneficiary receive assets from an IRA?

July 7, 2024 No Comments

A: It depends. Generally speaking, the designation of beneficiary form dictates who receives the assets from the individual retirement account (IRA). Therefore, no one else is entitled to receive any share of the IRA unless the named beneficiaries choose to disclaim their portions. However, if

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