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Smart money/Coming Soon

Earned Income Tax Credit, Ways to Invest Small and Think Big, 2012 Gifting Rules

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:

The money's no better in retirement but the hours are! 
-Terri Guillemets

Articles of the Day:
Benefits without a boss: The Wall Street Journal talks about do-it-yourself benefits. http://on.wsj.com/xXES6A

There is an identity theft crackdown, and the IRS is on the case. http://1.usa.gov/yy7C0Q

10 things the IRS wants you to know about the earned income tax credit. http://1.usa.gov/wkoze3

This article discusses those trying to save health-care plans for retirees (many are struggling, some filing for bankruptcy). http://on.wsj.com/yVoEXj

Is this man the most taxed man in America? Reuters looks at his story. http://reut.rs/xohfRZ

You don't have to be rich to build wealth. This Wall Street Journal article looks at ways you can start small and still think big. http://on.wsj.com/yNO5sc

An interesting perspective from MSN Money on how to break your addiction to credit cards. http://on-msn.com/wRNg7f

This article outlines the IRS gifting rules and limits for 2012. http://bit.ly/xcoduF

For teachers: a new tool from the National Education Association will be able to clearly disclose 403(b) plan fees. http://usat.ly/y0UaQS

This BusinessInsider article provides 4 tips to help you save for a healthy retirement...even if you feel like you are broke. http://read.bi/zZeOsl

Is your bank account statement a new coupon source? This article looks at the possibility. http://sm.wsj.com/xQLyDk


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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.