If you have an IRA, you probably are aware that when you reach retirement, there are rules requiring annual distributions. You may have questions as to when these distributions must begin. The rules can be confusing! Here is what you need to know about when you must start taking required minimum distributions (RMDs) from your IRA.
Roth IRAs are powerful retirement savings tools... if you used correctly. Here are 3 Roth IRA myths you simply can't afford to believe.
When you have an IRA required minimum distribution (RMD) for the year, you generally use the prior year-end IRA account balance to calculate the RMD. There are a couple of exceptions to this rule and Roth recharacterizations are one of them. We provide an example that illustrates why not knowing the RMD rules can be very costly.
In the past few weeks, there has been upheaval in Congress. With the retirement of House Speaker, John Boehner, the Republicans in the House of Representatives are struggling to elect and unite behind a new Speaker of the House. This turmoil has far-reaching consequences as Congress has a packed legislative agenda and the end of 2015 is rapidly approaching. If you are an IRA owner considering a Qualified Charitable Distribution (QCD) for 2015, Congress' disorder has implications for you.
This week's Slott Report Mailbag answers a question about the IRA rollover procedure compared to trustee-to-trustee transfers and examines the Back-Door Roth IRA strategy. Open this week's mail to read the answers to questions about these two key IRA planning processes.
As part of your estate plan, you may be considering leaving some of your assets to a charity. This is a fairly common part of many estate plans, and is often shaped by one’s experiences during life. Certainly, leaving money to a charitable organization as part of your last request is commendable no matter how you decide to go about doing so. That said, if you’re going to do it, you should do it wisely.
This month's Ruling to Remember examines the case of a former plan administrator with the United Public Workers (UPW) Mutual Aid Trust Fund who was convicted of multiple crimes and used funds in a rollover IRA to pay the fine and restitution. What comes next is several judgments and disagreement over tax liability.
IRA rollovers are subject to many rules. One of them is the 60-day rule. You have probably heard of this deceptively simple sounding rule, which has caused tax headaches for countless IRA owners. To avoid suffering a similar fate, here are 6 facts about the 60-day rule you should know to be sure your intended rollover goes smoothly.
There are two important dates in October, the 15th and the 31st. Read on to learn more about these deadlines and dates to put on your calendar.
One of the most common questions asked by people approaching their mid 60’s is, “When do I have to sign up for Medicare?” For most people, the short answer is, “when you turn 65.” Here's why.
