Site search

If you did a Roth conversion in 2010, you will need to file Form 8606 with your 2010 tax return. There is no escaping this unless you do a total recharacterization of your Roth conversion. Click to read more about Form 8606.

A 10% early withdrawal penalty applies to taxable funds withdrawn from a traditional IRA before the account owner attains age 59 ½ unless an exception applies. The same penalty (with its own set of exceptions) also applies on distributions made from most employer-sponsored retirement plans, unless the payment is due to the participant’s separation from service in a year in which he or she attains age 55 or older. Click to read about two tax traps that will trip up an unsuspecting consumer and trigger the 10% penalty.

With the signing of the 2010 Tax Act last week, qualified charitable distributions (QCDs) from IRAs have been extended for 2010 and 2011 – with a twist.

We have begun to receive the official numbers behind the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 President Obama will sign into law likely later today. Click to read the IRS Notice.

The holiday season is upon us. It is time for friends, family and financial security. The answers to these consumer questions can help you wrap up your year-end planning.

Your client is making contributions to an employer plan and he/she wants to know if its possible to also contribute to a traditional IRA or to a Roth IRA.

The holiday season is upon us. It is time for friends, family and financial security. The answers to these consumer questions can help you wrap up your year-end planning.

Your client is over 70 ½ and is still working. Does he have to take an RMD? The answer is, it depends.

IRAs, IRAs, IRAs. We have a full plate (leftovers from Thanksgiving) of IRA questions in this week's Mailbag. These questions touch on topics such as SEP IRAs, inherited IRAs and naming the trust as the beneficiary of IRAs.

IRS has released guidance on the conversion of 401(k) and 403(b) plan assets to Roth 401(k) or Roth 403(b) accounts in Notice 2010-84. This guidance also applies to governmental 457(b) plans beginning January 1, 2011. Here are the highlights: Plan participants, spouses, and alternate payees who are current or former spouses can do the in-plan Roth conversion.