Normally you have 60 days to do an IRA rollover of retirement plan distributions in order to avoid current taxation and possible penalty. What happens when you cannot hit that 60 day window? The answer is an IRA Rollover of Retirement Plan Proceeds Self Certification...
I am getting to be an old man now and so profoundly thankful that the lessons of tax-free compounding were impressed upon me at an early age. It has made a huge difference in my financial well being and subsequent happiness. You too can use...
Retirement Plan Recharacterization meansaccording toReg. Sec. 1.408A-5that if you make a contribution to one type of IRA you may be able to treat the contribution as though it had been made to a different type of IRA. This is basically considered a correction if you...
InBobrow v. Comm'r, T.C. Memo. 2014-21, the Tax Court relied on IRC 408(d)(3)(B) regarding the limits and frequency of nontaxable rollover contributions elected by the taxpayer notingthat the one-year limitation addressed in this section of the US Tax Code applies to all IRAs maintained by...
Act now! According to the IRS IRA owners age 70½ or older have until Thursday, Jan. 31 2013 to make a direct transfer, or alternatively, if they received IRA distributions during December 2012, to contribute, in cash, part or all of the amounts received to...
Taxpayers who inheritIRAs also inherit thedecedent's basis or amount invested in thoseIRAs, regardless of the relationship between the beneficiary and the decedent. Ideally, thedecedent will have filed IRS Form 8606 (Nondeductible IRAs), showing the amountof basis in the IRA. Any remaining basisin the IRA shown...
Attached is the summary of the IRS Stakeholder Liaison Meeting I attended on January 4th 2012 in Denver, Colorado as produced by Deborah Rodgers of the IRS. Some interesting insights were revisited. The most provocative discussion surrounded the comments made by Matthew Houtsma of District...
Many people turning 70 see themselves in the prime of their life. A pervasive problem among this group is this idea of a Required Minimum Distribution (RMD) from their retirement savings accounts. Many people do not like to withdraw money from their retirement accounts particularly...
Traditional retirement accounts are generally speaking considered a protected asset should you be required to endure FEDERAL bankruptcy protection. However an Inherited IRA is not generally considered a protected asset in 2 distinguishable regards: The distributions of funds from an inherited IRA to a surviving beneficiary...
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011. In general, these limits will either remain unchanged, or the inflation adjustments for 2011 will be small. Highlights include: The elective deferral (contribution)...