Site search

I have a client age 54 considering retirement.  Will have approximately 3.1 million upon payout from ESPO plan. Few general...

A big change made by the SECURE 2.0 Act of 2022 was adding a new statute of limitations (SOL) for the IRS to assess penalties for missed required minimum distributions (RMDs) and excess IRA contributions. On its face, it looks like the new SOL is 3 years for the missed RMD penalty and 6 years for the excess contribution penalty. But looks can be deceiving. In fact, for most of you, the new lookback period will be 6 years for both penalties.

I know we can rollover a SIMPLE IRA to an IRA after 2 years.  How do we determine how much...

Husband died in 2023 at age 76 (so post-RBD) with an IRA, and his spouse was the primary beneficiary.  The...

Question:When an IRA owner dies after their required beginning date, can an eligible designated beneficiary choose either the life expectancy option or the 10-year payout rule?

It happens. You have made a 2023 contribution to the wrong type of IRA. All is not lost. That contribution can be recharacterized. While recharacterization of Roth IRA conversions was eliminated by the Tax Cuts and Jobs Act, recharacterization of IRA contributions is still available and can be helpful in many situations you may find yourself in.

Wickr – – – -Louis Nathan Telegramm – – – +4915219490492 WhatsApp – – – +4915219490492 E-Mail – – –...

We have a client whose spouse died after their required beginning date (post 2020).  The spouse elected to inherit the...

When presenting a particular section of our training manual, I usually make the joke that, “if we were playing an acronym drinking game, we would all be on our way to a hangover.” The segment is titled: “Missed stretch IRA RMD by an EDB, when the IRA owner dies before the RBD.” This part of the manual discusses the automatic waiver of the missed RMD penalty in a certain situation, and the acronym soup is borderline comical. So that everyone knows which end is up, here is a spiked punch bowl of common retirement-account-related acronyms.