IRA Contribution Limit Won’t Change for 2015
The IRS issued a news release (IR-2014-99) that announced the 2015 cost-of-living adjustments (COLAs) for IRAs and other retirement plans. While many of these limits increased, some did not.
IRAs
Can I Mix IRA and Personal Funds?
Can you mix your IRA and personal funds? Sometimes companies offer their investment products on sale. You might get a small cash bonus, a higher interest rate, or cash back if you invest today or by the end of the month when the offer ends. You might want this investment in your IRA because the investment, or the deal, is just that good. But here’s the problem. You can’t get your IRA funds out of your current investment into this new one that’s on sale before the sale ends. What are you going to do?
Can an IRA Distribution Cover My 403(b) RMD?
In this week's Slott Report Mailbag, we answer questions on if you can cover your employer plan RMD (required minimum distribution) with an IRA distribution, the rules governing 401(k)-to-IRA rollovers and the logistics of setting up your IRA for three beneficiaries.
Your Roth IRA Calculator May Be Lying to You
If you've ever questioned whether a Roth IRA contribution or conversion was right for you or not, then chances are you've wondered if there was a simple calculator that could take all your pertinent data, analyze it, and then, like a “Magic 8 Ball" of Roth planning, spit out a definitive "yes" or "no," telling you what the correct course of action is. But is it possible that the calculator is lying to you?
IRS to Release New Form to Report Qualifying Longevity Annuity Contracts in IRAs
The IRS announced that there will be a new form used to report qualifying longevity annuity contracts (QLACs) held in IRAs and other retirement plans. We unveil the draft of the new form and provide a refresher on how QLACs work in today's article.
The October 31 Trust Deadline: The Who, What, When and Why
October 15 was a major deadline in the IRA world. Now that the date has passed, IRA trust owners and beneficiaries need to be aware of the very important October 31 deadline. In this article, we examine the "who, what, when and why" of this IRA trust cutoff.
IRS Waives 60-Day IRA Rollover Rule Due to Taxpayer’s Medical Condition
A taxpayer's mental illness kept him from understanding how to proceed when his former bank decided to close his accounts and distribute all of his IRA funds. After his death, the widow realized she had unintentionally deposited the IRA funds into a non-IRA account. She filed a Private Letter Ruling (PLR) with IRS to rectify the issue. What did IRS decide?
5 Things You Can NOT Do With Your IRA
The "I" in IRA stands for individual. There are many things you can do with your IRA - and we cover them at length in this space. However, there are also many things you CAN'T do with the account. Here's a list of five.
Can I Move Non-IRA Assets to an Inherited IRA?
This week's Slott Report Mailbag examines how to title beneficiary IRA trusts and answers questions on moving non-IRA assets to inherited IRAs and accessing 403(b) funds and moving them to different accounts while still working.
When is Tax Free NOT Tax Free?
Tax free just has a nice ring to it, doesn’t it? There are many types of tax-free income. Life insurance proceeds, qualified Roth IRA distributions and municipal bond interest come to mind as three of the most common sources. If these various types of income are all “tax free” though, does that mean that they all have the same, seemingly non-existent, impact on your tax return? Maybe, maybe not. Consider the following.
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