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What the Supreme Court Ruling on Health Care Law Means For YOUR Taxes

Friday, June 29, 2012  No comments

The Supreme Court upheld President Barack Obama's 2010 Health Care Law, the Affordable Care Act, with a 5-4 "up" vote on its constitutionality based on Congress' taxing power. Regardless of your politics, with the Supreme Court's decision, there is more certainty that health care taxes, what we call the health care surtax, will take hold on high-income earners in 2013.

Ed Slott outlines what the Supreme Court ruling means for YOUR taxes and retirement planning situation in this IRAtv video below:




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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

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

Thank you!

Gail Clements

A:
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.

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