We have written extensively about required minimum distributions (RMDs) for IRAs, but we haven't talked a lot about RMDs for 401(k) plans. Our staff writers and technical consultants have started to receive a steady stream of questions on this topic, so we decided to devote some virtual estate to answer a few of the frequently asked questions.
The Department of Labor’s Employee Benefits Security Administration (EBSA) issued Technical Release 2013-04, describing its position on the recognition of same-sex couples with respect to employer retirement plans and other employee benefits as a result of the Supreme Court’s decision in United States v. Windsor. We explain the details of the decision below.
This week's Slott Report Mailbag includes questions on using severance pay as compensation for 401(k) contributions, using non-cash distributions to satisfy RMDs (required minimum distributions, and rolling an after-tax 401(k) to a Roth IRA. Click to read a Q&A with our IRA Technical Expert.
When you are entitled to receive withdrawals from your employer's retirement plan, such as a 401(k), a rollover to an IRA is a smart move in most cases. But there are some times when it’s best to leave the money in the employer plan and NOT do a rollover to an IRA. We detail those scenarios below.
What happens when you or your client inherits more than one IRA? Can they be combined into one account? Do you have to take required minimum distributions (RMDs) from each account separately or can the distributions be aggregated? The answer will depend on who the inherited account came from as well as what type of account it is.
I am maxing out my 401(k) or I am contributing to a 401(k), can I also make an IRA contribution? We get asked that question a lot. Find the answer below.
A recent court case highlights how risky it is when a married couple attempts to use a post-nuptial agreement when trying to waive spousal benefits to an employer retirement plan. In the case of Mid-American Pension v. Michael Cox, the court ruled that a surviving wife’s promise to waive her rights to her husband’s 401(k) funds by signing a post-nuptial agreement was invalid because the agreement wasn’t drafted correctly.
While many Americans aren't saving enough for retirement, there are others who are saving a lot (true story). In fact, some of you have asked whether it's possible to contribute to more than one retirement plan for the same year. See the answer below.
This week's Slott Report Mailbag discusses several topics dealing with the 2013 tax laws, including limits on personal exemptions and the gift tax exemption. Several of these questions require complete understanding of NEW tax laws, so make sure your financial advisor is verse in the latest tax law updates.
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