Corrections


  The “Roth IRA Conversion Quiz” in the August 2010 issue contained an incorrect answer to Question 10: “The original owner of a Roth IRA can always choose to take the money out, but is never required to.” The correct answer is “True.”

 

  The July 2010 article “Charitable Planning” contained an error. In the paragraph about uncertainty surrounding the IRS’ position on balloon IPCLATs (increasing payment charitable lead annuity trusts), the text should have said, “Should the annual growth of the annuity be limited to 20% like GRATs (grantor retained annuity trusts)?”

 

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How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.