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Just want to be sure I’m right.   The client just turned 70 and will retire at the end of...

I have a client that has an old “PEN” defined contribution plan.  there are after tax contributions in the account....

Health Savings Accounts (HSAs) continue to become more popular. If you have a qualifying high deductible health plan, you may make deductible contributions to an HSA. Then, you can take tax-free distributions to pay for qualified medical expenses. Here is what you need to know about taking tax-free HSA distributions.

In a June 21, 2021 post titled “Clarifying the Rollover/Transfers Rules When an RMD Is Due” by Ian Berger, I...

Hello,   In 2026, anyone making $145k+ per year must make catch-up contributions to a Roth source in a 401k....

Can an existing solo-K or 401k take advantage of the $500 credit for auto enrollment if it is installed in...

Question: If an IRA owner is over age 70 ½, can they do a qualified charitable distribution (QCD) even if their spouse makes a deductible traditional IRA contribution? Mark Answer: Hi Mark, There are some complicated rules that count deductible IRA contributions made after age 70 ½ against QCDs. However, these rules apply on a per person basis. What a spouse does is not considered. Your spouse can go ahead and make a deductible traditional IRA contribution. It will not affect your QCD. Question: In December of 2023 I requested a transfer of my IRA funds to a new custodian. The old custodian sent a check as a direct transfer to the new custodian, but as of 12/31 the check was “in the mail.” For RMD calculations, do I just forget these “in-the-mail dollars” (as they will be accounted for next year), or do I add the value of the outstanding check to the 12/31/2023 balance to calculate my 2024 RMD from my IRA with the new custodian? Thanks, Ryan Answer: Hi Ryan, The RMD rules do require you to adjust the 12-31 prior-year balance used to calculate RMDs for any outstanding rollovers or transfers. In your case, you would need to add the amount of the outstanding transfer into your 12-31-23 balance when calculating your 2024 RMD.

If someone had $10k in a Roth 401(k), $10k in a traditional 401(k), and $10k in an after-tax 401(k) (which...

Dear forum advisers, I really need advice here. 2022 was first year i had RMD that was partially nondeductable ira....

The get-out-of-jail card that has allowed many IRA and plan beneficiaries to forego annual required minimum distributions (RMDs) is about to expire. Here’s some background: