Search found 4 matches

by Hardlearning
Wed Nov 24, 2021 12:26 pm
Forum: Personal Investments
Topic: Donor Advised Funds/Inherited IRA
Replies: 3
Views: 517

Re: Donor Advised Funds/Inherited IRA

Thank you both, shess and Silk McCue! That’s exactly what I needed to know. Somehow the pieces were not fitting together and I needed the education. Appreciate you help.
by Hardlearning
Wed Nov 24, 2021 10:57 am
Forum: Personal Investments
Topic: Donor Advised Funds/Inherited IRA
Replies: 3
Views: 517

Donor Advised Funds/Inherited IRA

I’m interested in creating a DAF but would like to know if it is advisable to use the stock held in an inherited IRA to fund the account. I inherited this account about 13 years ago when my sister passed away and have been taking the minimum distributions each year. It is my understanding that this type of account cannot be used for a QCD even after I reach 70 1/2, which is a few years away. We are currently using the QCD for donations out of my husband’s IRA requirements. We do not itemize our taxes so taking a charitable tax deduction is probably not available to us. However, reducing any capital gain and income from the current RMD would be of benefit. Would it be worthwhile to open a DAF or simply donate the stock to the charities of my...
by Hardlearning
Tue Jun 27, 2017 12:00 pm
Forum: Personal Investments
Topic: Surrender fee tax considerations
Replies: 3
Views: 559

Re: Surrender fee tax considerations

Thanks 123. It's very difficult to "donate" that amount of money but would probably lose more keeping it in the annuity. The sad part was that the funds were in a different annuity previously and once the surrender fee period expired my advisor recommended this annuity. Too bad I listened to her.
by Hardlearning
Mon Jun 26, 2017 8:08 pm
Forum: Personal Investments
Topic: Surrender fee tax considerations
Replies: 3
Views: 559

Surrender fee tax considerations

Question – I have an IRA account that is currently in an Ameriprise RAVA 5 variable annuity. The total purchase price on 12/16/2013 was $166,165; current market value is $180,600; and the surrender value is $167,900. Due to the large fees that Ameriprise is charging, I would like to roll this over to a non-annuity IRA account with Vanguard. I have six more years before I'm required to start withdrawing any funds from this IRA. Currently the surrender fee is about 7% with six more years left counting down a percentage each year. Is the surrender fee basically the commission charge paid to the sales rep and can I deduct it from my tax returns under professional fees? Are there other tax considerations that make taking a $12,700 loss more pala...