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The “once-per-year” rollover rule is one of those IRA rules that has serious tax consequences and cannot be fixed if violated. Breaking the rule results in a taxable distribution and a 10% early distribution penalty if you’re under age 59 ½. Plus, any rolled over funds are considered excess IRA contributions that are subject to a 6% annual penalty unless timely corrected.

I had an old 401k, about 2700 in it (1700 Roth, 1000 Trad) and the plan was forced rolled over...

I had a 401k with less than 5k in it and left the company. I missed the communications about the...

Taxpayer age 63 has IRA and SEP IRA (not contributing) and a Solo 401k (currently contributing to) All accounts consist...

I’ve come across several custodians who will allow a bene IRA left to a trust, to be retitled in the...

To begin, my wife and I live overseas. This means that our extended deadline to file taxes is June 15....

You have likely heard of Health Savings Accounts (HSAs), and you may even understand the basics of how an HSA works. These accounts are really not too complicated. If you have a qualifying high deductible health plan, you may contribute to an HSA. Then, you can take tax-free distributions to pay for qualified medical expenses.

Client inherited an IRA this year. Original owner was past RBD age and has been taking RMDs. However, RMD had...

QUESTION: Do required minimum distributions (RMDs) apply to inherited Roth IRAs?ANSWER: It depends on who the beneficiary is.Owners of traditional IRAs must start taking RMDs when they reach their required beginning date (RBD). That date is generally April 1 of the year after a person turns 73 (or 72 prior to SECURE 2.0, or 70 ½ prior to the original SECURE Act).

I am the executor of my father’s estate. My parents set up IRA in the 1980’s with each other as...