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I am going to receive an inheritance gift from my Dad. How much can I have in a saving account and IRA and still receive medicaid?

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SOURCE: Do i pay early withdrawal penalty if i inherit my

Heirs are exempt from the 10% early withdrawal penalty, however you will still pay taxes.
If your father had a traditional IRA you will pay income taxes on withdrawals.
If his IRA account was a Roth, you won't have to pay income tax unless the account is less than 5 years old.

Posted on Sep 03, 2013

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11 Answers

Which are best sweet gifts for father's day?


Hello Nesh,
I will give you some gift ideas for dad.
Chocolates and cookies are best sweet gifts for dad.

  • Personalized photo frame
  • Fruit Gift Basket
  • Home made cake
  • You can also send flowers for dad.
  • Shirt
  • Jewelry
  • smart phone
So, these are best gifts for dad
Flowers UK Delivery
Here, you find gift ideas for dad. Flowers Gifts

Jun 09, 2016 | Event Planning & Celebration

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Let's make our IRAs (ac)count!


IRAs (Individual Retirement Account) can be very useful if well used. And very wasteful if not taken care of properly.
In order to make sure that your IRAs last longer, and benefit you and your family in the long run, make sure you take the right precautions.

Here are some useful tips:

1. Make sure to fill out the beneficiary designation form.
You may think that the will controls who will benefit from your IRA. Well, it doesn't. While this form does, and it must be filed with your bank.

6fb175a1-b7bc-40e5-a457-4706ef24d9ff.jpg

The beneficiaries can include your spouse or partner, family members, charity or a trust to benefit family.

2. Be aware that whoever inherits your IRA, if it's not your spouse, will have to withdraw a minimum amount each year.
If it is your spouse who inherits, usually there will be less strict rules.

3. A good way to extend the life of an IRA is by stretching out its withdrawals. Both the owner of the account or the beneficiary can try to withdraw no more than the required minimum distributions from a regular or inherited IRA and this way let the money grow tax-deferred or, in case of Roth IRA, tax-free.

4. The younger the beneficiary is, the less he or she is obligated to take out each year. This way the stretch previously mentioned would last longer.

5. Be careful what a non-spouse does with your IRA.
A non-spousal heir cannot roll your money into his or her IRA. Therefore your IRA should be left intact and designed as Inherited IRA.
On the other hand, a spouse can choose if he or she wants to keep the IRA as "inherited" or roll it into his or her own IRA. The second option is usually better if the spouse is over the age of 59 and a half.

6. Don't name your estate as beneficiary.
This action, as well as in case of the loss of the beneficiary designation form or if you forget to name a beneficiary, would mean that all IRA funds will have to be withdrawn within five years of your death and, in case of traditional IRA, all taxes payed as the money comes out.

7. Name "contingent" beneficiaries.
Since you don't want your estate to inherit the IRA, it's advisable to name "contingent" beneficiaries. This way, if your primary beneficiary dies before you do, the contingent beneficiary can keep stretching out the life of your IRA.
For example is your primary beneficiary is your child and you name the contingent beneficiary your grandchild, if your child dies before you, your grandchild can still stretch out the life of your IRA.

8. By choosing a Roth IRA rather than a traditional one, you pay your taxes in advance but you relieve your heirs from this weight when their time comes to withdraw.
Also, with a Roth IRA, after the age of 70 and a half you are no longer obligated to withdraw an yearly amount. This way you can take out what you need when you need it, and let the rest sit in the account, growing.

Good luck!

on Sep 04, 2013 | Finance

6 Answers

What is the best gifts for fathers day ?


I have ever custom my father's handsome photo in diy oil painting by numeber and he was very happy after receive this unique portrait on father day . You can have a try.
I think it means a lot as this one diy oil painting by numbers,not a finished painting. You need to finish it yourself and your father can feel you heart.
best-gifts-fathers-day-ouopwxbl3mydoi0t2bdx2nje-5-0.jpg Have a look:
http://alturl.com/b6hzj

May 26, 2016 | Event Planning & Celebration

2 Answers

How do I use my gift card?


You can pay for eBay items with e-gift certificates, gift cards, and coupons. You need to have eBay and PayPal accounts, but if you don't, you'll be given the opportunity to register on eBay and sign up for a PayPal account when you purchase an item.

To redeem an e-gift certificate, gift card, or coupon, you'll need to log into your PayPal account when you purchase the item. If you don't have an account, you'll be given an opportunity to sign up.
To use an e-gift certificate, gift card, or coupon:

  1. Click the Pay now button.
  2. If the seller offers more than one shipping option, select the one you want.
  3. Enter the redemption code in the Redeem a Gift Card, certificate, or coupon field.
    Tip: If you received your redemption code online, it's easier to copy and paste it into the redemption code field instead of typing it.
  4. Click the Apply button to see your new order total, and then click the Continue button.
  5. On the next page, log in to your PayPal account.
  6. Select a PayPal payment method, and then click the Continue button.
  7. Check your order details, and then click the Confirm payment button.

Aug 11, 2014 | eBay Auctions

1 Answer

Morgan Stanley IRA savings account


You would need to contact Morgan Stanley and tell them you are closing the account but will pay penalities unless you have another existing IRA to roll the funds into at the bank.

To avoid tax penalties if you are younger then age 59-1/2 have the bank do a rollover to an IRA at your bank.Or have your bank contact Morgan Stanley to do a "rollover."

Feb 21, 2014 | PayPal Accounts

1 Answer

Transfer of IRA savings account


yes ask gerry adams ... he'll show you how

Feb 21, 2014 | PayPal Accounts

1 Answer

Do i pay early withdrawal penalty if i inherit my father's IRA funds?


Heirs are exempt from the 10% early withdrawal penalty, however you will still pay taxes.
If your father had a traditional IRA you will pay income taxes on withdrawals.
If his IRA account was a Roth, you won't have to pay income tax unless the account is less than 5 years old.

Sep 03, 2013 | Finance

2 Answers

Should I use my IRA to pay off debt?


Using IRA to pay off debt is definitely not recommended. Withdrawing your IRA before the age of 59 and a half will probably result in your losing about 33% or more of your IRA for a combination of taxes and early cashing penalties, and you would at the same time lose your retirement funds.
A better solution would be, for example, cutting on your IRA contributions and use the money instead to pay off the debts. This way you don't pay penalties or taxes, and at the same time save whatever you have earned or deposited in your IRA

Sep 03, 2013 | Finance

1 Answer

Do I need a Paypal account in order to use an eBay gift card?


Yes, you will need a PayPal account in order to use your eBay gift certificate. You will also need a bank account that you can link to the PayPal account that you create.

Apr 17, 2013 | Event Planning & Celebration

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