Protecting tax refunds

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Yahoo Bot
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Yes, but only for of it, as the IRA limit is $6K per year. If she can wait to file in January she can do it all with one contribution of $6K for 2010 and one for 2011.

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Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


If client is getting several thousands in amended tax return ('06.'07,'08) refunds from loss of house, can she open an IRA to protect it. It is a about $12,000 over the wildcard exemption.
Vicki L. Temkin Law Office of Vicki L. Temkin 15030 Ventura Blvd., Ste. 19-780 Sherman Oaks, Ca 91403 Ph:(818) 501-4658 /Fx:(818) 501-0903
If client is getting several thousands in amended tax return ('06.'07,'08) refunds from loss of house, can she open an IRA to protect it. It is a about $12,000 over the wildcard exemption. Vicki L. Temkin Law Office of Vicki L. Temkin 15030 Ventura Blvd., Ste. 19-780 Sherman Oaks, Ca 91403 Ph: (818) 501-4658 / Fx: (818) 501-0903

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