Starting today, we are extending our reach.
Each and every Thursday, we will publish several questions from men and women who are in need of crucial information about their IRAs and 401(k)s.
Each question we publish will be answered by Ed Slott and Company and seen in its entirety right here at The Slott Report each Thursday. Send your questions to mailbag@irahelp.com and please include your name and location.
Financial advisors can continue to visit our discussion forum at www.irahelp.com and ask and answer questions dealing with the complex issues facing your clients on a daily basis. Even if you are not a financial advisor, you can gain valuable knowledge at our discussion forum!
In The Slott Report Mailbag, we will focus on answering the questions of those not in the business of managing IRAs and other various retirement accounts. Instead we will answer questions posed by teachers, doctors and postal employees.
We want to HEAR FROM YOU! And in return we will provide valuable information and advice in this space each week. Send your story and questions to mailbag@irahelp.com.
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Make sure to bookmark The Slott Report and visit daily for up-to-date webcast and workshop information, timely article links and pertinent information about retirement distribution planning.
Thursday, January 15, 2009
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1 comments:
My daughter is physically disableed, a widow, unemployed and on medicaid. Her late husband worked as a mechanic for the NYC Fire Dept. for almost 20 years. However, when he passed he was still not elligible for pension. My daughter was entitled to a package consisting of 3 years of salary. She was told that if she took the cash the city would have to take 20% for tax purposes. However, she could have the full amt. if it went into an IRA. She took the offer of an IRA. Subsequently, a special needs trust was established and then she applied for medicaid. When she became elligible for medicaid the IRA was supposed to have been transfered to the trust. However, the IRA was transferred but did not retain its IRA identity. This was done in error. Now the IRS is seeking to tax the transfer of the IRA to her as a cash payout. We have been told that since this was done in 2007 she can no longer correct the mistake and will have to pay the tax. Do you see any other solution? Please advise.
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