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When it was passed into law at the very end of 2019, the Setting Every Community Up for Retirement Enhancement...

Can you please clarify if the $1 million per individual ($2 million per couple) proposed exemption from capital gains tax...

I have a SPIA within a New York Life IRA which I annuitized and receive a level monthly distribution for...

Question: We have a client that owns two substantial IRA accounts plus a smaller beneficiary IRA. Does the beneficiary IRA have its own RMD rules (the client has owned it for 10 years and has been taking RMD’s from it based on the old stretch IRA rules)? Or can the beneficiary IRA be lumped together with the other IRA’s for RMD calculation purposes? If so, can this year’s total RMD be withdrawn from the beneficiary IRA without having to touch the other two IRA’s?

Hello, Looking at utilizing the NUA strategy. Within this 401k is approx 43% after-tax ($385k), with the rest in pre-tax...

One of the cardinal sins you can commit with an IRA rollover is to run afoul of the IRS “once-per-year” rollover rule. Violating that rule triggers a taxable distribution and the 10% early distribution penalty if you are under age 59 ½. Plus, the forbidden rollover would be treated as an excess contribution subject to an annual 6% penalty unless timely corrected. Unlike missing the 60-day rollover deadline, violating the once-per-year rule is a mistake that cannot be fixed.

Hello! I need some guidance. Client’s father died in 2019 and the 401k was left to the estate. The estate...

An IRA owner can contribute only so much to a Traditional and/or Roth IRA annually. The IRA owner must also have earned income. The contribution limit for 2021 is $6,000, with a catch-up provision of another $1,000 for those age 50 and over. If a person does not have earned income, he is ineligible to contribute (not counting spousal contributions). If he makes too much, he will be ineligible to make a Roth IRA contribution. (Roth IRA income phase-outs for 2021 are $198,000 - $208,000 for those married, filing joint; $125,000 - $140,000 for single filers.).

A few recent posts seem to suggest that a Roth conversion would be tax free IF after doing so, their...

My brother, single, never married, no children, a 56 year old postal worker with several medical issues and related unpaid...