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401(k) Options, Financial Priority List, 2012 Tax Law Changes

Each day, One Day Closer provides the articles from across the worldwide web that help you move one day closer to a sound financial situation, a retirement you always envisioned, a safe and secure financial future for you and your family. This will be added to throughout the day with important articles.

Quote of the Day:
I'm now as free as the breeze - with roughly the same income.
-Gene Perret

Articles of the Day:
This Wall Street Journal article answers the question, "What should I do with my 401(k)?" http://on.wsj.com/yp7wwh

Liz Weston uses this article to assist those looking to budget in a big city. http://bit.ly/ArWq6p

When spending money on buying or leasing a new car, men can learn certain financial tips from women. http://bit.ly/wu5ZDg

The Financial Planning Association lists 10 things you should put high on your financial priority list in 2012. http://bit.ly/xIqGJW

Tax returns should be much simpler this year, as Washington gridlock has left you to grapple with very few tax-law changes on your 2011 federal tax return. This article explains. http://on.wsj.com/zu25Sd

This article explains how to apply for Social Security benefits. http://bit.ly/zApHTY

Fortune highlights the housing recovery that WASN'T. http://bit.ly/zjdwDk

If you work for a small company and your 401(k) plan is lousy or non-existant, you should read this Reuters article. http://reut.rs/zG1shI

This article looks at the best retirement plans for entrepeneurs. http://bit.ly/zCaumo

The Wall Street Journal looks at what you can learn from Mitt Romney's tax return. http://on.wsj.com/yc47Bd

SmartMoney looks at the American financial reality. People are saving more, but investing less. http://sm.wsj.com/xQPG22

Here are some great tax tips for the self-employed courtesy of the IRS.  http://1.usa.gov/xJCsTo

This Associated Press article talks about why investment income is taxed less than wages. http://yhoo.it/wN8LYQ


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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Can I transfer money from my IRA to my husband's Roth IRA? I am 35, and he is 36.

Thank you!

Gail Clements

No. The only way your IRA funds can be transferred to your husband’s IRA is in a divorce or after your death. Even then, it would have to be transferred to a similar IRA, for example an IRA to IRA or a Roth IRA to another Roth IRA. In this case, you cannot transfer your IRA into your husband’s Roth IRA.