If the reporter cashed the check for the month of death (and any later months), do not ask for a refund. Advise the reporter that the Treasury Department (TD) may request the funds back from the bank that cashed the check for a period of up to 12 months from the month that SSA learns of the death.
For example, if 5% of your non-Roth IRA are non-deductible contributions, then 5% of the conversion amount must be non-deductible contributions, and the rest must come from the deductible contributions, including earnings and rollover contributions.
Gifts from relatives can often make or break college savings. Grandparents considering saving for their grandchildren's education often hear about tax breaks, gift tax limits and how 529 plan money is used.f grandparents are still working, being able to deduct some or all 529 plan contributions on state tax returns is a nice perk. However, each state sets its own rules on who can claim the tax deduction and for how much, Long says.