One possibility if that the IRA would terminate and all remaining assets distributed. Now, one school of thought circulating within the IRA investment community is that it is possible for the IRA to continue on the original distribution schedule. The income-tax bite would be spread over 10 years as the IRA continued to grow. It should be noted that there is disagreement regarding this approach among some of the biggest players in the IRA market and the IRS has offered little guidance to date. Vanguard Group, BankBoston and Citicorp's Salomon Smith Barney, have been routinely allowing IRAs to continue on after the death of the beneficiary.
Economists cite a record ninth year of economic expansion, a tight labor market and low inflation.
Normally, attorney's fees for divorce proceedings aren't deductible. But, the portion of the fees that relates to advice on the tax aspects of alimony and child-support payments may be deductible. Effective this tax filing season, taxpayers were eligible to pay their federal taxes by credit card. Workers are retiring younger, the Labor Departments says. The average age in the US was 62.2 for men, 62.7 for women, between 1990 and 1995.