New Article on HEART Act: Military Survivors' Benefits & Roth Rollover

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
User avatar
patriciamgr2
Posts: 789
Joined: Mon Nov 19, 2007 3:06 pm

New Article on HEART Act: Military Survivors' Benefits & Roth Rollover

Post by patriciamgr2 » Fri Jun 30, 2017 9:16 pm

I recently found this article on Michael Kitces' blog & didn't see it posted here on the Forum. It may be of interest to others on the Forum or to those they informally advise. Because it doesn't apply to me, I haven't verified any assertions. In summary, the article states that military life insurance & certain other benefits can be rolled over to a Roth within 1 year after receipt. Kitces' article implies that these contributions--like all other Roth contributions (but not the earnings thereon)--can be withdrawn without penalty or tax; it's key for young widow(er)s to verify that. I don't know if beneficiaries other than spouses can use this provision.

Link to Article: http://www.investmentnews.com/article/2 ... A91CE9AA92

Link to HEART: https://www.congress.gov/110/plaws/publ ... ubl245.pdf

I hope this helps. I'm always interested in seeing that those who serve our country (& I include military families in that definition) are aware of their benefits.

Happy 4th a few days early!

Post Reply