IRA Rules

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Question: Can I roll-over a Traditional IRA into a Roth IRA prior to April 15, 2009 and claim the income for 2008?

I want to claim the income for 2008 (without increasing my taxable income bracket) and also claim for next year – 2009– in 2010. Does the rule for opening a IRA before April 15 also apply to roll-overs prior to April 15?

Answer: no it must be done by 12/31 to claim for 2008

i suggest you do it now so you can get benefit of the recent market down turn if you eait until april the market could be higher

if you are concerned about income roll over part in 2008 and the the rest in jan 2009 and split up the tax liability

remember this ADDS to your income and can impact other areas of your return

Introduction: Ten Rules for Financing Life

Question: If you own a stock in a IRA, is there a rule that it should be held for a year before selling?

Or has there in the past been a rule that IRA investments should be held for a year before being able to sell or change to another stock(or investment)?
Please help!

Answer: Nothing in law. I know some mutual funds say they have to be held for at least X amount of time or they are subject to penalty.

But you can trade actively within an IRA if you choose to do so.

Question: i am a jt/wros with my dad on his bank acct,he recently died. am i responsible for paying his credit cards?

my dads goal was to avoid probate. he didnt have a big estate. he had put me on his IRA as a beneficiary, and i know thats not subject to probate, but is subject to inherited IRA rules. his furniture and household items i dontated to charity per his wishes. he had a life insurance policy for only 20k of which im the beneficiary, so i know thats not probatable. but its his bank account with only approx 10k where he put me on as joint account holder years ago to avoid probate. we sold his car before he died so i dont have that to worry about. so basically we are left with no probatable items. however. i called to cancel his credit cards, he only owed a couple of hundred dollars. do i have to pay those? i know im not responsible for his debts, but is the joint bank account viewed as still his “estate” that can be pursued by the credit card company? should i just close down the account or just move the funds to my personal account?

Answer: If you want to avoid probate you should pay it off yourself. Otherwise, it would have to be his estate that would pay them off (along with any other debts) and that means going through probate.

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