What does a trade bill have to do with retirement accounts? Well, buried deep inside one of the bills was a provision expanding the “Age 50 Exception” to the 10% early distribution penalty, beginning in 2016. Here's what you need to know.
This is a frequently asked question, and the answer is very straightforward, but it also starts the Roth conversion conversation no matter your age. Beverly DeVeny provides more technical tidbits you should know about the process.
This rumor of Marge and Homer Simpson's divorce made the rounds late last week. It was quickly countered. They are supposedly separating for only one episode. But how would a separation or a divorce affect Homer’s retirement assets?
Whether it’s in sports, with taxes or in life, we’re programmed to avoid penalties, and that’s usually a good move. Occasionally, however, by simply avoiding penalties, we can be detrimental to ourselves. Indeed, sometimes incurring a penalty on purpose can be the right move. If you don’t believe me, consider the following example.
Young savers are impressionable. They read an article on a credible website and think it's full of actionable ideas they should start implementing. However, young savers, please don't follow James Altucher's advice on 401(k) planning. Here's why.
We were recently asked whether you can use your IRA to buy health insurance. The short answer to that question is yes, but it will cost you. We explain the tax and penalty implications and possible exceptions for which you may qualify.
Check, double check, and then, maybe, check again. When you are moving retirement funds, make sure they are going to the right account. We have heard so many horror stories through the years. Here's just a few "do-not-do-this" examples.
IRS Publication 970 explains the tax benefits that may be available to individuals who are saving for or paying education costs for themselves or certain family members such as children. It includes information on Coverdell Education Savings Accounts (ESAs), qualified tuition programs (also called “529 plans”), student loan interest deductions, education savings bonds, and the education exception to the IRS 10% penalty for early IRA distributions. Read more to find out how you can use your IRA to pay for higher education.
This week's Slott Report Mailbag answers questions on how Roth conversions affect Medicare premiums, how the rules governing IRA rollovers have changed for 2015 and what individuals who converted to Roth IRAs in 2010 are now free to do with the funds.
If you are in the midst of getting a divorce or you're already divorced, you might be awarded some or all of your ex-spouse's company retirement plan funds, such as a 401(k) plan, as part of the property settlement. If so, there are a few things you need to know before you get those funds. We detail these below.
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