IRA

No Exception to Early Distribution Penalty for Financial Hardship

When you encounter tough economic times, you may be tempted to tap your retirement plan. If you are considering this, you will want to proceed carefully. If you are under age 59 ½, any distributions you take may be taxable and also subject to the 10% early distribution penalty. Whether or not there is an exception to the penalty for financial hardship is a common misconception.

7 Ways You Can Mess Up Your Required Minimum Distribution

Taking your correct required minimum distribution (RMD) ... it sounds so easy; you just divide the balance of your IRA at the end of last year by your IRS-provided life expectancy factor. What could possibly go wrong? The answer: a lot, an awful lot. Read on for seven RMD mistakes you should avoid at all costs.

Timing Problems with IRAs and Divorce

When a married couple gets divorced, IRAs can be divided as a result. So, if you’re in the middle of a divorce, you should know that some or all of your IRA can be awarded to your ex-spouse. The process is similar to how some of your other assets are divvied up, but there are major differences and special rules that apply when you’re dealing with an IRA.

Government Study Shines Light on IRAs: Popular and Ripe For The Picking

Yesterday the United States Government Accountability Office (GAO) released a study on IRA balances accumulated as of 2011. The report provides some fascinating information about the number of people who have IRAs, as well as the staggering amounts that some people have accumulated in them. While there are many points that can be taken away from the study, here are three that may be of particular interest.

The IRA Owners’ Bill of Rights

Yesterday, the IRS released a "Taxpayer Bill of Rights," to help organize "the dozens of existing rights in the Internal Revenue Code into ten fundamental rights," as well as make the "rights clear, understandable, and accessible for taxpayers and IRS employees alike."With that in mind, it occurred to me that IRA owners would benefit from an "IRA Owners’ Bill of Rights," of sorts, to help understand certain aspects of their retirement accounts. Below is a list of 10 key rights that any and all IRA owners should be aware they have.

Content Citation Guidelines

Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.

Please be advised that prior to distributing re-branded content, you must send a proof to [email protected] for approval.

For white papers/other outflow pieces:

Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.

For charts:

Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.

For Slott Report articles:

Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.

Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.