beverly deveny

IRA Contribution Questions at Tax Time

Friday, February 10, 2012
It is becoming more and more evident that in order to have an adequate income in retirement, at least some of your income is going to have to come from your savings. Don’t overlook the ability to make IRA contributions to supplement other retirement savings you might have. You have until April 17, 2012 to make a contribution for 2011. Below are some frequently asked questions and our answers.
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2011 Roth IRA Conversion Deadline

Friday, January 13, 2012
This question comes up ever January. Can I still do a Roth conversion for last year? After all, I have until April 15th to make a contribution to my IRA or Roth IRA for last year, so can I still do a conversion for last year?
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Non-Traditional Investment Scams

Friday, January 06, 2012
I just read a private letter ruling (PLR) issued by IRS allowing an individual extra time to complete a rollover of his IRA assets so that they would not be treated as a taxable distribution. Here is what happened.
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Year-End RMD Reminders

Friday, December 16, 2011
Time is running out to take required minimum distributions (RMDs) due for this year. Many companies have cut-off dates for distributions, so if you have not yet taken your RMD you need to act now. The penalty for not taking a distribution is 50% of the amount not taken. It must be reported on Form 5329 and if it is not reported, the statute of limitations does not start to run. Following are answers to questions that come up frequently at this time of year.
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QCD (Qualified Charitable Distribution) Rules

Tuesday, December 13, 2011
QCDs – Qualified Charitable Distributions – are a means of transferring IRA assets to a charity. The transfer is not taxable to the account owner and a charitable deduction cannot be taken. These are the basic rules for a QCD follow.
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IRA, 401(k) Contribution and Income Limit Changes in 2012

Monday, October 24, 2011
Employees with higher incomes will be eligible for a tax break if they save in a traditional IRA, can contribute to a Roth IRA, or qualify for the saver's credit. That's just one piece of good news from an IRS announcement late last week. Click to read the others.
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