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You can have too much of a good thing. While saving for retirement with an IRA is a good strategy, there are limits. When a contribution is not permitted in an IRA, it is an excess contribution and needs to be fixed. Here are 5 ways an excess IRA contribution can happen to you:

My understanding of which IRA/401k transactions are reported to the IRS with a 1099-R is as follows. Can someone please...

Thank you for your time and consideration. I recently left one company and will begin working for another next week....

A client passed at age 65 (in 2021) and left her IRA to her great niece and great nephew. They...

Hello and thanks. I just left a company a few weeks ago and am joining another company next week. It...

Question: As we did 2 years ago, will we be able to skip taking a 2022 required minimum distribution (RMD) without penalties? Answer: Sorry, but RMDs are in full effect for 2022. The CARES Act waived RMDs in 2020, but that was a one-time deal. RMDs were back in play for 2021, and are still required for 2022 as well.

Usually, rollovers involving 401(k) accounts and IRAs involve moving dollars from a plan to an IRA. But sometimes it makes sense to instead do a “reverse rollover” – from an IRA to a 401(k). Let’s get some bad news out of the way: Although 401(k)s (and other company plans) are required to allow rollovers out of the plan, they are not required to allow rollovers into the plan. So, before withdrawing your IRA, check with your plan administrator or HR to make sure you can do a reverse rollover. Also, the tax code only allows reverse rollovers of pre-tax (deductible) IRA funds. Roth IRA funds and after-tax (non-deductible) IRA accounts are not eligible.

I have a client whose 2021 federal tax return was extended to October 15, 2022. She had us e-file it...

Company has terminated the 401(k) plan as of April 30, 2022. Last employee and employer contributions were in April 2022....

If a T-IRA’s current total value is less than the basis (total of after tax amounts contributed over the years),...