You took a distribution from your employer plan or another IRA and the receiving company put it in the wrong account. Your IRA company did not process your 72(t) distribution in the correct amount. An advisor/salesman told you that the company offering a “great” investment could hold it as an IRA. Someone at the bank told you that you could do a rollover in 90 days, or that you could roll over more than one IRA distribution in a year. You get the idea. So who is at fault for these issues?
Did you know that you can use your IRA to fund your Health Savings Account (HSA)? You may be able to take advantage of a little known part of the tax code that allows a transaction called a Qualified HSA Funding Distribution (QHFD). Here's how.
While reasonably basic to an IRA specialist, the 9 ideas below are often overlooked by consumers and many financial practitioners alike who do not specialize in IRAs. Used appropriately, they may often help individuals and families preserve their retirement wealth. Perhaps they can help you too. Consider researching in more depth on your own, or perhaps broach any of the topics you feel may apply to you in more detail with your financial consultant(s).
If you are a young worker, you, like many other members of the millennial generation, may be juggling student loans and expensive rent. Retirement? That is likely the last thing on your mind, although you may have a sneaking suspicion that the generous pensions that older generations enjoy probably will not be there for you. What can you do now to save for a more secure retirement? Well, for many millennials the Roth IRA is the way to go. Here are 5 reasons why.
If you or a family member encounter financial trouble, you may think that your IRA is a good resource to get you through the crisis. Be careful! While some company plans allow for loans, loans are not allowed from an IRA. To get around this rule, some taxpayers take IRA distributions to get quick cash and figure they will have resources to roll over the distributed amount within 60 days. This can be a dangerous plan as one IRA owner found out in a recent Private Letter Ruling (PLR).
Marriage changes a lot of things. Some things are not quite as obvious as others. We walk you through the key changes to your IRAs, Roth IRAs and overall retirement planning.
IRS does not have a crystal ball. Its team members don't know how long you are going to live. The life expectancy tables are based on statistics and do not take into account any of your personal information. Read on to discover what life expectancy table you should be using and how each works.
When you leave an employer, you have an important decision to make. If you participated in a company plan, you need to decide what to do with your money. Should you roll over your funds to an IRA? Here are 3 exceptions to the early distribution penalty that just apply to IRAs.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law on December 18, 2015. This bill was commonly known as the “Extenders Bill” because it made several favorable tax provisions permanent that had been temporary, some for many years. Buried way down in the PATH Act was a provision that affected SIMPLE IRAs. We outline what has changed.
There are two things to keep in mind when you are discussing ages and retirement plans. One is the age itself and the other is what does that age mean. For example, when is age 55 not 55? You will understand as you read further into the important ages associated with retirement plans.
