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8606 not filed

I have a client that rolled over an employer plan into his IRA in 2005. Approximately 25% of the rollover...
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Simple Questions to Make Sure You Are Eligible to Make a 2013 IRA or Roth IRA Contribution

If you put money into an IRA or Roth IRA earlier this year for 2013 or plan to do so before the April 15, 2014 contribution deadline, it’s important to double check and make sure you are actually able to do so. Any amount you contribute to an IRA/Roth IRA that isn’t allowed to be there will cost you a 6% penalty if it is not timely removed by October 15, 2014. Worse yet, that 6% penalty is not a one-time penalty. Every year the errant contribution remains in the account, the 6% penalty is assessed.
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Newsletter

November 2013

What Are IRA
Custodians Really
Responsible For?

• No Duty to Inform of the 60-
Day Rollover Rule
• Custodian Error Can Help Get
Clients an Extension of the
60-Day Rollover Window
• Federal Income Tax
Withholding
• IRS Penalty Taxes
• Look-Through Trust Status
for Stretch IRA Purposes
• Required Minimum
Distributions at Age 70½
• Reporting Disability
Distributions
• Naming and Updating IRA
Beneficiaries
• Valuing IRA Assets at Fair
Market Value
• Calculating Net
Income or Loss on an
Excess Contribution or
Recharacterization
• Setting up Separate Accounts
for Multiple Beneficiaries
after Death
• Contribution Eligibility
–

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IRS Releases Updated Form for Claiming the Saver’s Tax Credit

The IRS released the 2013 version of IRS Form 8880, Credit for Qualified Retirement Savings Contributions. The form is used to claim a federal income tax credit, known as the “saver’s credit,” if you make IRA contributions or certain salary deferral contributions to your company’s retirement plan, such as a 401(k) plan. Click to find out the criteria needed for receiving this credit.
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