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.
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.
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.
This week's Slott Report Mailbag looks at the Roth IRA 5-year rules and how they apply to an investor who wants to start taking distributions from his Roth IRA. Also, it's year-end, so we look at a popular question involving the process of determining if you have a required minimum distribution (RMD), and if so, how much.
A taxpayer simply wanted sound financial advice. Instead she received compounding errors, headaches and a trip to IRS. In this month's Ruling to Remember, we examine advisor and custodian errors that lead to an IRS Private Letter Ruling on an IRA to SIMPLE IRA rollover.
You need to take a required minimum distribution from your employer retirement plan this year, but you moved the plan assets to an IRA without taking the RMD. That's the first mistake. We discuss how to fix it without compounding your error in today's article.
This week's Slott Report Mailbag sheds like on the titling of an inherited IRA and looks at the maneuvering of retirement assets through the disclaimer process. Read on to receive the answers to questions on these two important IRA planning topics.
IRS has released an update on their IRA rollover chart that includes language regarding the more restrictive once-per-year IRA rollover rules that take effect on January 1, 2015. Read more to view and print the chart.
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