IRAs are complicated, even more so if you believe one thing, but the correct rule is the complete opposite. These 5 common IRA myths spell trouble - taxes, penalties, hardships and missed opportunities - for those that believe them.
It's tax season. Every year, many people get lost in the numbers, the deductions, the credits, and the refunds. They forget to report rollovers to the IRS, especially tax-free rollovers. We examine the process, where you should be looking for these numbers and how to report them.
Retirement plans are one area of the tax code where you may not be able to do everything the tax code says you can do. IRA custodians and employer plans can sometimes limit your options. One reason they might do this is to make it easier for them to manage and process your transactions. We detail a few examples of IRA custodians limiting your options.
According to recent statistics and government reports, retirement assets, and IRA assets in particular, are on the rise. Here are 5 incredible facts about the current retirement market.
A recent survey by TIAA-CREF revealed some startling data. Over one-third of those surveyed either did not know what an IRA is or the difference between an IRA and an employer-sponsored plan. That’s not good news and needs to be fixed. So, with that in mind, below are 5 key differences between IRAs and employer-sponsored retirement plans.
In this week's Slott Report Mailbag, we answer questions on if you can cover your employer plan RMD (required minimum distribution) with an IRA distribution, the rules governing 401(k)-to-IRA rollovers and the logistics of setting up your IRA for three beneficiaries.
This week's Slott Report Mailbag looks at how a QDRO (qualified domestic relations order) works with 401(k) withdrawals and details the IRA beneficiary process. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here.
You or your client has several retirement accounts. Can you take the required minimum distribution (RMD) from just one account? The answer is maybe. Let’s start with what you cannot do. You cannot take the RMD for one type of account from a different type of account.
Moments ago the IRS released new guidance – IRS Notice 2014-54 – regarding distributions from company retirement plans when there are both pre and post-tax money in those accounts. For years now, one question has plagued both plan participants and financial advisors alike… “If someone has a 401(k) with pre and post-tax money, can they take a distribution and roll (convert) just the post-tax money to a Roth IRA tax-free, while rolling the remaining pre-tax money over to a traditional IRA?” What's the answer now?
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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