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I would like some some advice about taking money out of my IRA when I still...

I would like some some advice about taking money out of my IRA when I still have taxable funds... And where would be the best place to help increase the return on this money!!

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In other words, there's a lot of planning that must go into a retiree's tax...

In other words, there's a lot of planning that must go into a retiree's tax strategy.

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Surfergin, a lot depends on your tax rate and the size of your IRA. There is...

Surfergin, a lot depends on your tax rate and the size of your IRA. There is nothing wrong with taking money from your IRA first (we have a story on our Web site on why this could be a good idea!). For...

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Here's that article Susan's talking about: A New Rule of Thumb For Tapping...

Here's that article Susan's talking about: A New Rule of Thumb For Tapping Savings

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Alright, here's our next question from RL.

Alright, here's our next question from RL.

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What options are there for an 80 year-old to pass on business and/or...

What options are there for an 80 year-old to pass on business and/or investment holdings to his children or grandchildren PRIOR to his passing away, yet conserving the amount of taxes paid? Do QTIP...

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Duffer, we'll get to your question next.

Duffer, we'll get to your question next.

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I'm getting "Page not Found" on your link.

I'm getting "Page not Found" on your link.

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Thanks, Duffer. Let's try it again: www.kiplinger.com

Thanks, Duffer. Let's try it again: www.kiplinger.com

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That should do it

That should do it

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There are techniques to pass on holdings while reducing your tax bite. Family...

There are techniques to pass on holdings while reducing your tax bite. Family limited partnerships could be one way. But whether it's an FLP or a generation-skipping trust, it's all very complicated. I...

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Thanks, Susan

Thanks, Susan

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Alright, here's the next question from Duffer.

Alright, here's the next question from Duffer.

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My father in law does not currently file tax returns, I assume because he is...

My father in law does not currently file tax returns, I assume because he is under the required income. He does, however, have $100k in an IRA (CD's) where he only makes mandated withdrawals. Wouldn't...

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Hi, Duffer, it could make sense...and that story we linked to on the New Rule...

Hi, Duffer, it could make sense...and that story we linked to on the New Rule of Thumb talks about this. But essentially, if he has some tax breaks that would go to waste otherwise, he could take out...

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But he should be careful about withdrawing more than he needs. If he...

But he should be careful about withdrawing more than he needs. If he withdraws the money and spends it, he could face trouble down the road.

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Thanks, Rachel and Susan. Here's our next question from Mike B

Thanks, Rachel and Susan. Here's our next question from Mike B

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That is a risk. Though just because you withdraw money from an IRA for an RMD...

That is a risk. Though just because you withdraw money from an IRA for an RMD or otherwise, doesn't mean you have to spend the money. It could be reinvested.

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That's a good point, Rachel.

That's a good point, Rachel.

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How does a Long Term Care Annuity work? Are there any tax advantages? Are...

How does a Long Term Care Annuity work? Are there any tax advantages? Are there any advantages over having a seperate fixed annuity and LTC coverage? Are there any disadvantages?

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Of course. And if he has stocks or mutual funds, he can transfer the...

Of course. And if he has stocks or mutual funds, he can transfer the securities "in kind" to a taxable account. But if the money stays in the IRA, he won't be paying tax on any interest growth until he...

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Mike B,

Mike B,

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Yes, all of that has to be considered. With CDs, you also would want to try...

Yes, all of that has to be considered. With CDs, you also would want to try to avoid cracking into them early so as to avoid any early-withdrawal penalties.

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Another good point, Rachel.

Another good point, Rachel.

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Mike B, a long-term-care annuity is a new product that allows you to combine...

Mike B, a long-term-care annuity is a new product that allows you to combine long-term care insurance with an annuity. That means you get something no matter what. If you don't need the long-term care,...

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Mike B, we looked at this topic recently in a cover story, which you may want...

Mike B, we looked at this topic recently in a cover story, which you may want to check out ... www.kiplinger.com

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Thanks, Rachel

Thanks, Rachel

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Here's our next question from kjacobs

Here's our next question from kjacobs

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I work part time for a non profit company. I just turned 701/2 do I have to...

I work part time for a non profit company. I just turned 701/2 do I have to take an RMD even if I'm still working?

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Yes, you would have to take an RMD from traditional IRAs regardless of...

Yes, you would have to take an RMD from traditional IRAs regardless of whether you are working.

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You also have to take RMDs from any 401(k)s held at other employers. If you...

You also have to take RMDs from any 401(k)s held at other employers. If you have a 401(k) at the company you are currently working at, you don't have to take an RMD for that 401(k) -- unless you own 5%...

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Thanks, Rachel.

Thanks, Rachel.

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Alright, it looks like we have just a couple questions left. Here's one from...

Alright, it looks like we have just a couple questions left. Here's one from Bigred.

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How do i determine the witholding amount on my rmd for this year?

How do i determine the witholding amount on my rmd for this year?

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You look at the total value on your statement on December 31, 2011, and then...

You look at the total value on your statement on December 31, 2011, and then look at your life expectancy for 2011 in the IRS Uniform Tables. Divide the total by your life expectancy, and you will come...

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One other note on RMDs: For those taking their first RMD, the deadline is...

One other note on RMDs: For those taking their first RMD, the deadline is April 1 of the year following the year they turn 70 1/2. But if you delay taking your first RMD until then, you will still have...

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Thanks for pointing that out, Rachel. That's an important deadline to consider

Thanks for pointing that out, Rachel. That's an important deadline to consider

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As for the withholding amount on an RMD, I would suggest looking at your tax...

As for the withholding amount on an RMD, I would suggest looking at your tax return from last year, and doing a projection for your tax bill this coming year. If you pay as much in tax this year as you...

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Great, Rachel. Thanks.

Great, Rachel. Thanks.

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Alright, looks like we're out of time for today's chat. Thanks for all the...

Alright, looks like we're out of time for today's chat. Thanks for all the tough questions, all.

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And thanks Rachel and Susan for helping out!

And thanks Rachel and Susan for helping out!

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Enjoyed it...thanks for joining us!

Enjoyed it...thanks for joining us!

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Be sure to join Rachel and Susan again next week. They'll be hosting a chat...

Be sure to join Rachel and Susan again next week. They'll be hosting a chat about income investing: live.kiplinger.com

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And of course, don't forget to check out our Retiree Tax Map. Lots of great...

And of course, don't forget to check out our Retiree Tax Map. Lots of great tax information for retirees.

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Until next time!

Until next time!

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