Jonathan, you said "my kids should probably draw down the traditional IRA slowly over the 10 years, so they spread out the taxable income." Didn't the IRS recently rule that all TIRA beneficiaries (except spouse) must take yearly RMDs for years one through ten?James
Avoiding the gift tax and not affecting aid is easy. Have the grandkids get the aid or loans needed for their last two years, then pay it off for them during their last semester.
Richard - Were you able to lower your 2021 premiums because of the "missed" 2020 RMD? I didn't think that was one of the exceptions. I'm sure your 2022 premiums will be lower because of your 2020 tax return.
Comments
Jonathan, you said "my kids should probably draw down the traditional IRA slowly over the 10 years, so they spread out the taxable income." Didn't the IRS recently rule that all TIRA beneficiaries (except spouse) must take yearly RMDs for years one through ten? James
Post: A Time to Give
Link to comment from August 24, 2024
Matthew - Doesn't the Roth need to be fully depleted within 10 years, regardless of whether it's in a Trust or not?
Post: Happily Ever After
Link to comment from December 17, 2023
Avoiding the gift tax and not affecting aid is easy. Have the grandkids get the aid or loans needed for their last two years, then pay it off for them during their last semester.
Post: Grandpa’s Scholarship
Link to comment from March 25, 2023
Richard - Were you able to lower your 2021 premiums because of the "missed" 2020 RMD? I didn't think that was one of the exceptions. I'm sure your 2022 premiums will be lower because of your 2020 tax return.
Post: Fighting IRMAA
Link to comment from October 23, 2021