Certain retirement plan distributions, known as Qualified Reservist Distributions (QRDs) qualify for special tax breaks. The retirement plan distribution must come from an IRA or from amounts that were contributed as salary deferrals under a 401(k), 403(b) plan or a similar plan.
The end of the year is rapidly approaching. It is time to make sure that all required distributions are taken from retirement accounts. Who must take a required distribution? We explain below.
IRS announced 2013 pension plan and IRA contribution limits and other retirement-related items on Thursday. Included in the release below are 2013 retirement plan contribution limits and AGI (adjusted gross income) phase-out ranges for Roth IRA contributions and Traditional IRA deductions. We will dissect these numbers in the weeks to come, but for now, here is the official release in full from IRS.------WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the
This week's Slott Report Mailbag includes questions on whether an employer plan allows for distributions and rollovers when an employee stops working for that employer, how to compute the taxes on an IRA and an inherited IRA and whether or not a disabled individual can take an IRA distribution before a certain age.
Fall is upon us, at least that's what we think every time we walk past a coffee shop. People are beginning year-end retirement planning preparations, and this week's Slott Report Mailbag includes questions on required minimum distributions (RMDs) and two different scenarios for Roth conversions.
Summer is over, kids are returning to school and we are all getting back into a regular work schedule. Now is the best time to learn how to maximize your company-sponsored retirement plan. Ed Slott and Company IRA Technical Consultant Jeffrey Levine details 3 ways to maximize your retirement plan in this IRAtv video shown below.
This week's Slott Report Mailbag delves into inherited IRA questions as well as a common situation involving required minimum distributions at age 70 ½. Click to read a Q&A with our IRA Technical Consultants.
In many of our writings we refer to the most popular types of qualified retirement plans, such as 403(b)s and 401(k)s. While these are two very distinct plans with many differing rules, they do share several commonalities. In particular, the main purpose of each is to provide participants with an easy venue for saving and investing for retirement on a tax-beneficial basis. Both have taken a more prominent role as employers continue to jettison traditional pension plans.
Financial Services Organization TIAA-CREF recently conducted a survey among Americans to gauge their understanding of IRAs. The less than stellar results are not surprising. We take a look at the survey below.
This is the final part of a two-part article examining six options individuals have for their retirement plan benefits when they leave an employer or become their own boss. In the first part, we covered three options (rolling over to a Traditional IRA, taking a lump sum distribution, leaving it in the plan). We finish our guide with the last three options and provide some closing words of wisdom when considering which choice is best for you.
