.jpg)
Education IRAs
THanks. I was getting caught up in the language that says "not later
than..."
Does anyone know what this "record of interest" form is that needs
to be filed under 521(c)?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
charseto-8859-1
More than 2 years is not POE - it's excluded specifically by statute.
Between 1-2 years it can be exempted up to $5,850 (under the version of the Code that was amended after Eisenhower was in office). That exemption can be buttressed by the wildcard.
On Dec 20, 2012, at 1:44 PM, Mark J. Markus wrote:
> Understood, but in this case it's way more than the wildcard can cover, and I have others telling me that it is the opposite (i.e. that deposited within 1 year IS POE and that deposited more than 2 years prior is NOT POE.
>
> I also have no idea what's supposed to go in this "record of interest" that's supposed to be filed with the court.
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of Legal Specialization
>
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
> On 12/20/2012 1:41 PM, Jay S. Fleischman wrote:
>> You are correct, but nothing saying you can't use the wildcard to protect newer money.
>>
>> On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
>>
>>> I'm a bit unclear on which portions of qualified education IRAs (IRC 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant to 11 USC 541(b)(5) and (b)(6)
>>>
>>> The statute seems to say that everything deposited within one year prior to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited between 1 and 2 years prepetition, and nothing is excluded if deposited more than 2 years prepetition.
>>>
>>> Is that correct? Seems like it's encouraging people to deposit more into the accounts closer to filing bankruptcy. That's odd.
>>>
>>> Also, does anyone have the form required by 11 USC 521(c) ("record of interest") that needs to be filed?
>>>
>>> Thanks...
>>> Mark
>>> --
>>>
>>> --
>>>
>>> ******************************************
>>> Mark J. Markus
>>> Law Office of Mark J. Markus
>>> 11684 Ventura Blvd. PMB #403
>>> Studio City, CA 91604-2652
>>> (818)509-1173 (818)509-1460 (fax)
>>> web: http://www.bklaw.com/
>>> Certified Bankruptcy Law Specialist- The State Bar of California Board of Legal Specialization
>>>
>>> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>>> ________________________________________________
>>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>>>
>>>
>>
>
charseto-8859-1
More than 2 years is not POE - it's excluded specifically by statute.Between 1-2 years it can be exempted up to $5,850 (under the version of the Code that was amended after Eisenhower was in office). That exemption can be buttressed by the wildcard.On Dec 20, 2012, at 1:44 PM, Mark J. Markus <bklawr@yahoo.com> wrote:
The post was migrated from Yahoo.
charset-ascii
Cornell last updated their site during the Taft administration I believe.
Sent from my iPhone 4s
On Dec 20, 2012, at 2:16 PM, Jay Fleischman wrote:
>
>
> That's what I get for reliance on Cornell's site.
>
>
>
> On Dec 20, 2012 2:09 PM, "Mark J. Markus" wrote:
>>
>> It was increased a couple years back. Do you have a current copy of the Code?
>>
>> Sent from my iPhone 4s
>>
>> On Dec 20, 2012, at 1:43 PM, "Jay S. Fleischman" wrote:
>>
>>> Mark:
>>>
>>> The exemption is $5,000 for the 365-720 day deposit into a 529. Where did you get $5850?
>>>
>>> On Dec 20, 2012, at 1:41 PM, Jay S. Fleischman wrote:
>>>
>>>> You are correct, but nothing saying you can't use the wildcard to protect newer money.
>>>>
>>>> On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
>>>>
>>>>> I'm a bit unclear on which portions of qualified education IRAs (IRC 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant to 11 USC 541(b)(5) and (b)(6)
>>>>>
>>>>> The statute seems to say that everything deposited within one year prior to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited between 1 and 2 years prepetition, and nothing is excluded if deposited more than 2 years prepetition.
>>>>>
>>>>> Is that correct? Seems like it's encouraging people to deposit more into the accounts closer to filing bankruptcy. That's odd.
>>>>>
>>>>> Also, does anyone have the form required by 11 USC 521(c) ("record of interest") that needs to be filed?
>>>>>
>>>>> Thanks...
>>>>> Mark
>>>>> --
>>>>>
>>>>> --
>>>>>
>>>>> ******************************************
>>>>> Mark J. Markus
>>>>> Law Office of Mark J. Markus
>>>>> 11684 Ventura Blvd. PMB #403
>>>>> Studio City, CA 91604-2652
>>>>> (818)509-1173 (818)509-1460 (fax)
>>>>> web: http://www.bklaw.com/
>>>>> Certified Bankruptcy Law Specialist- The State Bar of California Board of Legal Specialization
>>>>>
>>>>> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>>>>> ________________________________________________
>>>>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>>>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
>
Cornell last updated their site during the Taft administration I believe.Sent from my iPhone 4sOn Dec 20, 2012, at 2:16 PM, Jay Fleischman <bankruptcy@gmail.com> wrote:
The post was migrated from Yahoo.
That's what I get for reliance on Cornell's site.
On Dec 20, 2012 2:09 PM, "Mark J. Markus" wrote:
> **
>
>
> It was increased a couple years back. Do you have a current copy of the
> Code?
>
> Sent from my iPhone 4s
>
> On Dec 20, 2012, at 1:43 PM, "Jay S. Fleischman"
> wrote:
>
> Mark:
>
> The exemption is $5,000 for the 365-720 day deposit into a 529. Where did
> you get $5850?
>
> On Dec 20, 2012, at 1:41 PM, Jay S. Fleischman
> wrote:
>
> You are correct, but nothing saying you can't use the wildcard to protect
> newer money.
>
> On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
>
> I'm a bit unclear on which portions of qualified education IRAs (IRC
> 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant
> to 11 USC 541(b)(5) and (b)(6)
>
> The statute seems to say that everything deposited within one year prior
> to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited
> between 1 and 2 years prepetition, and nothing is excluded if deposited
> more than 2 years prepetition.
>
> Is that correct? Seems like it's encouraging people to deposit more into
> the accounts closer to filing bankruptcy. That's odd.
>
> Also, does anyone have the form required by 11 USC 521(c) ("record of
> interest") that needs to be filed?
>
> Thanks...
> Mark
> --
>
> --
>
> ******************************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist- The State Bar of California Board of
> Legal Specialization
>
> This Firm is a Qualified Federal Debt Relief Agency (see what this means
> at
> http://www.bklaw.com/bankruptcy-blog/20 ... efinition/
> )
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office
> of Mark J. Markus that may be privileged. The information is intended for
> the use of the addressee only. If you are not the addressee, note that any
> disclosure, copy, distribution or use of the contents of this message is
> prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
> the IRS, we inform you that any U.S. tax advice contained in this
> communication (or in any attachment) is not intended or written to be used,
> and cannot be used, for the purpose of (i) avoiding penalties under the
> Internal Revenue Code or (ii) promoting, marketing or recommending to
> another party any transaction or matter addressed in this communication.
>
>
>
>
>
>
The post was migrated from Yahoo.
charset-ascii
It was increased a couple years back. Do you have a current copy of the Code?
Sent from my iPhone 4s
On Dec 20, 2012, at 1:43 PM, "Jay S. Fleischman" wrote:
>
>
> Mark:
>
> The exemption is $5,000 for the 365-720 day deposit into a 529. Where did you get $5850?
>
> On Dec 20, 2012, at 1:41 PM, Jay S. Fleischman wrote:
>
>> You are correct, but nothing saying you can't use the wildcard to protect newer money.
>>
>> On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
>>
>>> I'm a bit unclear on which portions of qualified education IRAs (IRC 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant to 11 USC 541(b)(5) and (b)(6)
>>>
>>> The statute seems to say that everything deposited within one year prior to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited between 1 and 2 years prepetition, and nothing is excluded if deposited more than 2 years prepetition.
>>>
>>> Is that correct? Seems like it's encouraging people to deposit more into the accounts closer to filing bankruptcy. That's odd.
>>>
>>> Also, does anyone have the form required by 11 USC 521(c) ("record of interest") that needs to be filed?
>>>
>>> Thanks...
>>> Mark
>>> --
>>>
>>> --
>>>
>>> ******************************************
>>> Mark J. Markus
>>> Law Office of Mark J. Markus
>>> 11684 Ventura Blvd. PMB #403
>>> Studio City, CA 91604-2652
>>> (818)509-1173 (818)509-1460 (fax)
>>> web: http://www.bklaw.com/
>>> Certified Bankruptcy Law Specialist- The State Bar of California Board of Legal Specialization
>>>
>>> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>>> ________________________________________________
>>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
>
>
It was increased a couple years back. Do you have a current copy of the Code? ;)Sent from my iPhone 4sOn Dec 20, 2012, at 1:43 PM, "Jay S. Fleischman" <bankruptcy@gmail.com> wrote:
Mark:The exemption is $5,000 for the 365-720 day deposit into a 529. Where did you get $5850?On Dec 20, 2012, at 1:41 PM, Jay S. Fleischman <bankruptcy@gmail.com> wrote:You are correct, but nothing saying you can't use the wildcard to protect newer money.On Dec 20, 2012, at 1:25 PM, Mark J. Markus <bklawr@yahoo.com> wrote:
The post was migrated from Yahoo.
Understood, but in this case it's way more than the wildcard can
cover, and I have others telling me that it is the opposite (i.e.
that deposited within 1 year IS POE and that deposited more than 2
years prior is NOT POE.
I also have no idea what's supposed to go in this "record of
interest" that's supposed to be filed with the court.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.
charseto-8859-1
Mark:
The exemption is $5,000 for the 365-720 day deposit into a 529. Where did you get $5850?
On Dec 20, 2012, at 1:41 PM, Jay S. Fleischman wrote:
> You are correct, but nothing saying you can't use the wildcard to protect newer money.
>
> On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
>
>> I'm a bit unclear on which portions of qualified education IRAs (IRC 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant to 11 USC 541(b)(5) and (b)(6)
>>
>> The statute seems to say that everything deposited within one year prior to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited between 1 and 2 years prepetition, and nothing is excluded if deposited more than 2 years prepetition.
>>
>> Is that correct? Seems like it's encouraging people to deposit more into the accounts closer to filing bankruptcy. That's odd.
>>
>> Also, does anyone have the form required by 11 USC 521(c) ("record of interest") that needs to be filed?
>>
>> Thanks...
>> Mark
>> --
>>
>> --
>>
>> ******************************************
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> 11684 Ventura Blvd. PMB #403
>> Studio City, CA 91604-2652
>> (818)509-1173 (818)509-1460 (fax)
>> web: http://www.bklaw.com/
>> Certified Bankruptcy Law Specialist- The State Bar of California Board of Legal Specialization
>>
>> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
>> ________________________________________________
>> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
>> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>>
>>
>
charseto-8859-1
Mark:The exemption is $5,000 for the 365-720 day deposit into a 529. Where did you get $5850?On Dec 20, 2012, at 1:41 PM, Jay S. Fleischman <bankruptcy@gmail.com> wrote:You are correct, but nothing saying you can't use the wildcard to protect newer money.On Dec 20, 2012, at 1:25 PM, Mark J. Markus <bklawr@yahoo.com> wrote:
The post was migrated from Yahoo.
charseto-8859-1
You are correct, but nothing saying you can't use the wildcard to protect newer money.
On Dec 20, 2012, at 1:25 PM, Mark J. Markus wrote:
> I'm a bit unclear on which portions of qualified education IRAs (IRC 530(b)(1) and 529(b)(1)) are excluded from property of the estate pursuant to 11 USC 541(b)(5) and (b)(6)
>
> The statute seems to say that everything deposited within one year prior to filing the bankruptcy is excluded; up to $5,850 is excluded if deposited between 1 and 2 years prepetition, and nothing is excluded if deposited more than 2 years prepetition.
>
> Is that correct? Seems like it's encouraging people to deposit more into the accounts closer to filing bankruptcy. That's odd.
>
> Also, does anyone have the form required by 11 USC 521(c) ("record of interest") that needs to be filed?
>
> Thanks...
> Mark
> --
>
> --
>
> ******************************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> Certified Bankruptcy Law Specialist- The State Bar of California Board of Legal Specialization
>
> This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://www.bklaw.com/bankruptcy-blog/20 ... efinition/)
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.
>
>
charseto-8859-1
You are correct, but nothing saying you can't use the wildcard to protect newer money.On Dec 20, 2012, at 1:25 PM, Mark J. Markus <bklawr@yahoo.com> wrote:
The post was migrated from Yahoo.
I'm a bit unclear on which portions of qualified education IRAs (IRC
530(b)(1) and 529(b)(1)) are excluded from property of the estate
pursuant to 11 USC 541(b)(5) and (b)(6)
The statute seems to say that everything deposited within one year
prior to filing the bankruptcy is excluded; up to $5,850 is excluded
if deposited between 1 and 2 years prepetition, and nothing is
excluded if deposited more than 2 years prepetition.
Is that correct? Seems like it's encouraging people to deposit more
into the accounts closer to filing bankruptcy. That's odd.
Also, does anyone have the form required by 11 USC 521(c) ("record
of interest") that needs to be filed?
Thanks...
Mark
******************************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist- The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.