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The proposed regulations would be effective beginning 1/1/2022. For 2021 distributions, taxpayers apply existing regulations taking into account a good...

Question: I established a Roth IRA in 2011 and needed to withdraw $ 30,000 in 2021 to pay for my daughter’s first year of college tuition. I am under 59 1/12 and the 1099-R has a code of J meaning early distribution and no known exception. Will my distribution, therefore, be fully taxable and will I have to pay the 10% early withdrawal penalty? I was told by the Company holding my Roth IRA that it would be a fully NON-taxable distribution and no penalty as it was used for educational purposes. Please advise. Thank you

I have two clients that made deductible IRA contributions for Fed purposes for year 2020 and want to do so...

My client’s step father died in 2020, leaving his Roth IRA to my 55 year-old client. At the time of...

Taxpayer came to US from Canada 8 years ago to teach at US University and contributed to the schools TIAA...

Here we go again. In my March 14 Slott Report entry (“Monitoring Concurrent Life Expectancies? – SMH”), I railed against the IRS for a seemingly pointless rule in the new SECURE Act regulations directed at elderly IRA beneficiaries. (Subsequently, I saw other commentary criticizing that same rule as “nasty” and “mean spirited.”) In today’s article, I am back on my soapbox calling out more baffling guidelines.

Client (age 51) is making normal deferrals ($27k), and also making after-tax contributions ($3k). What are the rules around doing...

Dear Alan et al, Our client passed away in Nov 2021 after his year-of-death RMD was taken. We just consolidated...

It may be hard to believe it but the countdown to the 2021 tax filing deadline is on. The deadline is April 18, 2022, for most filers. That is really only a few weeks away. Time is running out. Is your IRA ready? Making a 2021 IRA Contribution April 18, 2022 is the deadline for making a 2021 IRA contribution. This is true even if you have an extension to file your tax return. That does NOT give you extra time to make a traditional or Roth IRA contribution. So, if you are thinking about making that contribution you will need to move quickly.

Can I do a Backdoor Roth Conversion with nondeductible contribution only and complete it before having pretax IRA rollover from...