IRA, Coverdale Education, William Rob discussed on Safe Retirement Solutions
As a good alternative to a 4._0._1._K. These were created as a part of the revenue act nineteen seventy eight under president Carter expanded on the small business job protection also increase the amount for spousal IRA from two hundred and fifty dollars to the annual limit for working spouses of two thousand dollars at the time. Yeah. Exactly. So that they could get the same amount. Your wife. Isn't working your husband is working as as your spouse. And then along comes the Roth IRA came into existence as part of the taxpayer relief act of nineteen ninety seven. Of course, it was named for William rob the center introduced the Bill, of course, he deemed the Bill the Roth IRA after himself the same legislation also introduced the educational IRA and these two IRA's are alike in the sense that contributions are made with after tax money butter tax free upon distribution, not surprisingly funds contributed to an education IRA were to be used only for educational purposes. The education IRA is now called the Coverdale education savings account Coverdale ESA. Oh, yeah. And then they they had a catch up provision. Consumer Protection Act the economic growth and tax relief reconciliation act of two thousand one increase contribution limits. And for the first time at a catch up provision for taxpayers age fifty and over the. Lagging behind, you know. At that time you saying well crap time really is flying by the also the act provided for non refundable credit for certain contribution to IRA and four one plant for a one K plan. So the bankruptcy abuse prevention and consumer Protection Act two thousand five at it and expanded bankruptcy protection for most recently to consolidated appropriations act at twenty sixteen may qualify charitable distributions QC, d for individuals seventy and a half or over in lieu of our MD's required. Minimum distribution, a permanent part of the tax code. Yeah. So we talked about that last week. Now, you can take a hundred thousand dollars and put it and transfer the funds into QC, which basically does what rod with your taxes? Take satisfies the Orum d any also don't income. Byun attacks on that at all. Charitable contribution limits. One hundred thousand. Yeah. Okay. Good. So where are we today? Think about this in less than a century and a half the United States is going from.