Archive for November, 2014

Inheriting an IRA now comes with New Bankruptcy Rules

Inheriting an IRA now comes with New Bankruptcy Rules

  • November 21st, 2014
  • jrhassociates
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Are funds received from inheriting an IRA protected during bankruptcy? In a decision made by the Supreme Court, funds from inheriting an IRA are not protected in bankruptcy. This decision came from the case Clark v Rameker. Brief History of the Inherited IRA Case In June of 2014 the court…

Increase in Tax Scams Prompts IRS Video

Increase in Tax Scams Prompts IRS Video

  • November 18th, 2014
  • jrhassociates
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An increase in tax scams impersonating the Internal Revenue Services (IRS) has prompted the organization to release a new video to YouTube warning American taxpayers to be careful. The increase in tax scams has the most common point of contact over the phone. Tax scams most commonly involve a con…

How Donating Appreciated Stock Will Save You Money

How Donating Appreciated Stock Will Save You Money

  • November 10th, 2014
  • jrhassociates
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The holiday season is often a time of giving, both to those we know and love and those who are less fortunate than ourselves. However, when it comes to giving to charity, there are some ways that are more beneficial than others, both for yourself and for the beneficiary, such…

Changes in Limitations to Contribute to a Roth IRA

Changes in Limitations to Contribute to a Roth IRA

  • November 5th, 2014
  • jrhassociates
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If a married couple files their taxes jointly, and the spouse contributing to an IRA is not covered by a workplace retirement plan, but the other spouse is, the couple’s deduction phase-out is between combined incomes of $183-193K, up from $181-191K. This means that if the couple’s AGI is below…

New Guidelines for 2015 IRA and 401K Contribution Limits

New Guidelines for 2015 IRA and 401K Contribution Limits

  • November 3rd, 2014
  • jrhassociates
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Recent Announcement: 2015 IRA and 401K Contribution Limits have been changed to meet increased cost-of-living index. Individuals have always been able to reduce their taxable income by contributing to Individual Retirement Accounts (IRA) and 401k Pension Plans. However, the IRS recently announced that the dollar limitations imposed on many pension…