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.
In order for you to make a contribution to a Roth IRA for the year, you must have compensation and adjusted gross income within certain limits. If you’re married and filing jointly with your spouse, even if only one of you has compensation, you might both be eligible to contribute to a Roth IRA using the spousal IRA contribution rules.
Do I have an RMD from my Employer Plan? For most people this is an easy question. If you are no longer working for that employer and are 70 ½ or older this year, yes, you have a required minimum distribution (RMD) from your employer plan. What if you are over 70 ½ and still working? Do you have to take an RMD from your employer plan? Maybe.
In this week's Slott Report Mailbag, we answer questions on if money from a QDRO can be directly rolled over into the other spouse's 401(k), the RMD requirements for inherited Roth IRAs, and if the 5-year rule for distributions applies to IRA beneficiaries.
Yesterday, the IRS released IRS Announcement 2014-32, providing updated guidance on the once-per-year IRA rollover rule.This guidance is extremely important and impacts anyone with more than one IRA and Roth IRA... combined!
