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Client made contribution to Non-Deductible IRA after filing taxes. Essentially, filed his taxes in March 2021 and made a 6,000...

2 large brokerage firms told me that with inherited IRA I would have 10 years in which to remove all...

Client rolled after tax money into a Roth 4 years ago. After tax funds held for 10 years. Does he...

Question: I am 83 years old with an IRA rollover account, regular IRA account and a small Roth IRA. If I convert a portion of either the rollover or regular IRA to a Roth IRA and die before 5 years after the conversion, is there any penalty to me or the beneficiaries? Also, can I convert to the existing Roth IRA or should I start a new Roth IRA? I do not plan to make any withdrawals from any Roth IRA. Does it make a difference from which IRA I convert funds? Thank you for your response, George

I am 66 years old and retired last year in 2020. Our workplace 401k is with Fidelity Investments. I have...

Most of us have a pretty good understanding of how IRA and 401(k) plan benefits are taxed. But the taxation rules for defined benefit (DB) plans are less familiar, probably because there are fewer DB plans out there these days. DB plans usually offer several types of annuity distribution options, but most do not offer a lump sum distribution option. Under the tax code, only “eligible rollover distributions” can be rolled over to an IRA or another company plan. Annuity payments do not qualify (unless payments are scheduled over a period of fewer than ten years). So, benefits payable from DB plans are typically fully taxable in the year received and cannot be rolled over.

Alan noted that an IRA cannot be owned by a trust . OK. Does that mean while the original owner...

When visiting the doctor, does he or she ask foundational questions to help determine your medical condition? Of course. “How are you feeling?” “Are you a smoker?” “What hurts?” Does the doctor take some basic measurements – height, weight, blood pressure? Does he listen to your heart and lungs? Most assuredly. The doctor is establishing an overall picture of health so as to make informed medical decisions. Without such elemental knowledge, how could a proper diagnosis be made? How could “next steps” be recommended with any confidence? It is not possible to provide appropriate care or guidance simply by looking at a person. Assumptions could be a death sentence.

My college student daughter has a summer job with a 401K Roth. She makes a little over $6,000.00 in the...