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The Case For and Against Taking Your RMD Early in the Year
One of the most common questions that an IRA owner subject to RMDs (required minimum distributions) asks is, "When should I take my RMD? Is it better to take the RMD early in the year? Later in the year?" There’s really no right or wrong answer, but rather, depending on your personal situation, either might make sense. Here are a few factors to consider when making your decision.
IRS Releases 2014 Form 5329 to Report Certain IRA Penalties
The IRS recently released the 2014 version of Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. The form, along with the accompanying instructions, is updated each year and is filed by the IRA owner to report certain penalty taxes they may owe with respect to their IRA. What are these tax penalties and how could they affect your account value?
Do I Have a Required Distribution From my IRA This Year?
We are down to the last two months of the year. It is time for those who have required minimum distributions (RMDs) from a retirement plan to make sure that those distributions are taken. Following is a list of those who have required distributions for the year.
IRS Can’t Give You a Break If You Violate Once-Per-Year-Rollover Rule
IRS can waive penalties and fees for several different instances. However, one area they can't save the unknowing taxpayer is the once-per-year IRA rollover rule. We go through the recent private letter ruling (PLR 201440028) to illustrate how the rule is set in stone.
After Tax-Money in Company Retirement Plan: 5 Questions You Need Answered After IRS Notice 2014-54
Most people are familiar with the basic rules for the pre-tax salary deferrals and employer contributions that are the most frequent types of money found in 401(k) and similar plans. Few, however, are aware of the rules for after-tax contributions to the “traditional side” of such plans and the unique rules and planning opportunities that can present themselves. That’s begun to change over the last week, however, since the release of IRS Notice 2014-54, which provided exceptionally favorable guidance for people with after-tax money in their 401(k) and similar plans.
4 Ways Smart IRA Planning Can Help You Pay Less for College
With college expenses at some of the best schools now exceeding $60,000 per year, education related expenses are fast becoming one of the biggest obstacles many baby boomers face when saving for their own retirement. For many families, planning for a college education goes hand in hand with IRA’s and retirement planning. Below are three ways smart IRA planning can help you pay less for college.
Can You Contribute to a Roth 401(k) and Roth IRA in the Same Year?
Can you contribute to a Roth IRA if you are already allocating salary deferrals to a Roth 401(k)? We provide the answer and look at the contribution requirements for both Traditional and Roth IRAs.
Can You Put Non-Deductible Funds From a Qualified Plan into a Roth IRA?
This week's Slott Report Mailbag looks at converting non-deductible funds to an IRA and the rules for taking a Roth distribution of contributed and converted funds.
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