A taxpayer simply wanted sound financial advice. Instead she received compounding errors, headaches and a trip to IRS. In this month's Ruling to Remember, we examine advisor and custodian errors that lead to an IRS Private Letter Ruling on an IRA to SIMPLE IRA rollover.
You need to take a required minimum distribution from your employer retirement plan this year, but you moved the plan assets to an IRA without taking the RMD. That's the first mistake. We discuss how to fix it without compounding your error in today's article.
This week's Slott Report Mailbag sheds like on the titling of an inherited IRA and looks at the maneuvering of retirement assets through the disclaimer process. Read on to receive the answers to questions on these two important IRA planning topics.
It’s December already, and you’ve just realized that you haven't been withholding enough income taxes so far this year and/or you haven't been making the proper quarterly estimated payments in 2014. You will likely owe a penalty unless you do something to fix the problem before year end. That's where your IRA comes in. We explain a trick to reduce, or even eliminate, any estimated tax penalties you might otherwise owe.
If you’re the beneficiary of a deceased IRA owner, December 31, 2014 is an important date. If the decedent died in 2013 or earlier, you generally have to take a required minimum distribution (RMD) from the IRA by year-end to avoid a 50% penalty for not doing so. Read on to see how it works.
IRS has released an update on their IRA rollover chart that includes language regarding the more restrictive once-per-year IRA rollover rules that take effect on January 1, 2015. Read more to view and print the chart.
If you’re able to take a lump-sum distribution from your qualified retirement plan (401(k), pension plan, ESOP, etc.) this year, you may want to hold off until next year. We generally advise clients never to try to take a lump-sum distribution after Thanksgiving; it's better to start the process at the beginning of the next year. Read more to see why.
The Supreme Court has finally spoken. Inherited IRAs are not protected on a federal level from creditors of the beneficiary. This ruling has changed the estate planning landscape in more ways than many understand. Certified Financial Planner Joseph Clark examines the importance of estate planning as the legacy plan for your beneficiaries.
Do you have a required distribution from your inherited IRA? This question comes up a lot at this time of year. Here are the rules.
In this week's Slott Report Mailbag, we answer questions on IRA rollovers with pre-tax and after-tax money, 401(k) plans without a beneficiary, and if an IRA and deferred annuity can be grouped together for RMD purposes.
