Site search

Relative took a TSP Distribution, received a 1099R and paid tax. Subsequently took the distribution funds and opened up a...

Hello, Say someone had a 401(k) that had a portion designated as Roth contributions. They left the job so they...

Question:Can you please clarify a question I have about whether I should take a Roth IRA withdrawal? I am much older than age 59 ½, and my first Roth IRA was opened over 20 years ago. I now own a second Roth which holds recently converted funds from my 403(b) account. I am planning to make added Roth conversions over the next couple of years and pay the tax on these conversions. If I make a subsequent withdrawal from my Roth IRA, will it be tax- and penalty-free?

If you’re an IRA beneficiary subject to the 10-year payout period and would have had a 2024 required minimum distribution (RMD), you’re in luck. In IRS Notice 2024-35, issued yesterday (April 16), the IRS said it would excuse those RMDs.

Hi everyone, I’m seeking advice on the tax implications for a client who used a Mega Backdoor Roth strategy. Client...

Notice 2024-35:  No RMDs in 2024 for beneficiaries of IRA owners who died in 2020 through 2023 on or after...

You have carefully saved for retirement and now you have accumulated a substantial amount of funds in your IRA.  At some point the funds that you have been putting away for years must come out. When you reach age 73 you must take a required minimum distribution (RMD) for that year and for every year thereafter.

In one of your courses you recommend NOT naming Trusts as beneficiaries of IRAs.  I have an exception case I’d...

A friend took a check to their credit union (CU). The check was a normal distribution an IRA and payable...

QUESTION:Dear IRA Help,My mother passed away in April of 2023 and no required minimum distribution (RMD) was taken. The entire IRA account was paid out to the charity that was the beneficiary. Was there a requirement to take the RMD?Joe