Site search

Hi, Betty inherits a Traditional IRA from her spouse. More than 7 years later, Betty, now age 85, takes part...

Question: I have a traditional IRA with a portion being nondeductible contributions. The last nondeductible contribution I made was in 2009. and I have my Form 8606 showing the basis. I want to convert a portion of my traditional IRA to a Roth IRA. Can I convert all of the nondeductible amount plus some of the before-tax contributions to a Roth IRA? I have never taken any distributions from my traditional IRA. I'm 52 years old. Thanks, Jeff

Hi, A file came across my desk for a 401(k) participant who passed away in 2019. His trust outline beneficiary...

My friend inherited her husbands 401k earlier this year after he passed in January 2023. She rolled it over to...

Client has 401k with pretax and after tax monies. The 401k company will be sending a check directly to the...

Client has a IRA valued today at 1 million, plan is to transfer 200k of it to another IRA by...

Thinking of opening up a new solo 401(k) plan for 2023? Thanks to SECURE 2.0, you don’t have to rush to get it done by year end. A solo 401(k) is an excellent retirement savings vehicle for self-employed business owners with no employees (other than their spouse). That’s because the IRS says that a business owner with a solo (k) actually wears two hats – one as an employee and one as an employer. As an employee, he can make elective deferrals up to $22,500 for 2023, or $30,000 if age 50 or older.

Hello. I retired in 2019 but kept my qualified employer plan/401k. I started taking RMDs from the 401k in 2022,...

This is what I read on Pastors Wallet: The IRS says it’s still possible to claim a housing allowance even...

Advisors have two years to make big tax-saving moves for their clients, says Ed Slott. After that, a legislative window could close that opportunity forever.