Every school sets a budget or allowance for room and board, referred to as the cost of attendance. Are you allowed to reimburse yourself for the entire amount of Room and Board even if you did not spend that much?
“I will be turning 70 1/2 and wanted to start making contributions to charity from an IRA and taking the QCD at that time. Would this bill require me to wait two more tax years, until I am 72, to do this?”
“Has the focus on expense ratios caused the public to lose focus of more critical financial measures, such as performance?” Actually, expense ratios and 12b-1 fees should get even more attention than they are getting. Here’s why.
This person has no IRA balance, but is about to get one with an IRA Rollover. So the question is one of timing: can they do the IRA Rollover after the nondeductible contribution has already been converted so that their cream and coffee never mix?
You are allowed to deduct “up to 20 percent of their combined qualified real estate investment trust (REIT) dividends,” and this deduction is unlimited. So it begs the question: Is there a way I can deduct my normal real estate income?
There is a tangled web of rules and options. For any given family situation and set of desires, there is a best answer when it comes to meeting your wishes, minimizing the tax owed, and optimizing your estate plan.
Although these questions may help some people discern which professional to sign up with, I like our ten questions better as they cut to the heart of the matter. That being said, the more you know about an advisor the better.