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We are constantly bombarded with requests to update our information. “Password needs updating.” “Software update for your mobile device.” “Please update your email so our marketing team can continue to fill your inbox with spam.” It is never ending. Most of these update requests are trash. An automatic delete. However, some updates are vitally important and demand our attention. Regarding retirement accounts and IRAs, here is a countdown of five critical items that should be considered, reviewed and updated immediately:

Can one re-contribute to their Roth IRA under the following circumstances? 1. Contributed $6,000 in January 2022 for 2022 contributions....

Maybe you made a Roth IRA contribution for 2021, but your income was too high. Maybe you made a traditional IRA contribution without having any earned income. These are both examples of excess IRA contributions. The bad news is that excess IRA contributions happen can easily and often. The good news is that if you properly correct the contribution, you can avoid penalties.

Working with a client who made a non-deductible contribution in 2016 to a traditional IRA. Their intention was to execute...

A new client came to me recently and her dad passed away April 2022. His parents had left him some...

In a Type II AMBT, where no beneficiary is entitled to IRA distributions until the disabled or chronically ill beneficiary...

Question: Late in December, 2021, a taxpayer (under age 59 ½) takes a distribution of his (traditional, not Roth) 401(k), and has 20% withheld for Federal tax. Early in January, 2022, the full 100% of the distribution is deposited in a Roth IRA. Does this avoid the 10% penalty for early distribution? Is this reportable as a Roth conversion in 2022 or 2021?

I have a client who’s wife passed this year (2022). She had an IRA annuity that had a benefit feature...

More and more 401(k) plans now offer Roth contributions. At the same time, Americans are changing jobs and receiving 401(k) distributions in record numbers. So, it’s a good time to review the tax rules that apply to Roth 401(k) withdrawals. (The same rules also apply to Roth 403(b) and Roth 457(b) withdrawals.)

To the Forum: I need help trying to get the correct answer for my client, who has a criminal law...