Private letter ruling (PLR) requests for IRAs are a means for taxpayers to request forgiveness from IRS and to allow them to complete an action that has, for some reason, been derailed. For instance, you can ask IRS to allow you to complete a Roth recharacterization after the deadline has passed or to allow you to complete a 60-day rollover after the 60 days have passed. This all comes with a substantial cost. Here are the facts and figures for 2015.
The power of compounding. It's value over time is illustrated by IRA Technical Expert Jeffrey Levine in this IRAtv video. Jeffrey details the IRA and Roth IRA contribution parameters and looks at how making a contribution early in the year can benefit you over the long term.
Several critical tax rules will affect financial advisors' earning potential in 2015. You need to be armed with the knowledge to both gain new business and make sure your current clients avoid costly errors. Register today for Ed's webcasts.
2015 has brought several important changes in the retirement planning world. From the once-per-year IRA rollover rule to QLACs and myRAs, IRA Technical Expert Beverly DeVeny highlights the key changes you must be aware of to retain current clients and capture new business in the new year.
Today is the last day of 2014 already. That means we’re just hours away from New Year’s Eve parties, talk of resolutions we’re not really going to keep, and perhaps, a bit of the old bubbly. And of course, no New Year’s celebration is complete without a final countdown. So with that in mind, the final 2014 Slott Report article counts down, 10 to 1, to the new year IRA-style.
The major Qualified Charitable Distribution (QCD) announcement pushed off last week's Slott Report Mailbag until this week, and it couldn't come at a better time. With 2014 hanging on by its coattails, year-end retirement planning is nearing its conclusion. In crunch time, advisors and consumers are asking specific questions about taking required minimum distributions (RMDs). It's only fitting that we received two questions on the topic this week.
Congress has passed the “extenders bill” for 2014 (the Tax Increase Prevention Act of 2014). President Barack Obama will sign the bill into law shortly. This bill revived qualified charitable distributions (QCDs) for 2014 only. The clock is ticking, so find out that this means for QCDs in 2014.
Jeffrey Levine outlines 5 key retirement planning tips to consider before 2014 turns into 2015. This IRAtv message is the perfect retirement planning send-off to a New Year with planning points to follow now.
As we approach the end of 2014, we have been telling you about all of the things that you need to do with your retirement accounts before year-end. As if you weren’t busy enough at this time of the year, there are many things that must be done by December 31, 2014 to avoid problems and potential IRS penalties. Setting up a SEP IRA is not one of them.
What happens if your IRA holds an illiquid asset and you are over age 70 ½? Can you skip the required minimum distribution (RMD)? The answer to that question is, no, you cannot skip the RMD. It is called a required distribution because the distribution is required. Here are three options for satisfying the RMD from the IRA with the illiquid asset.
