As we approach the April 15, 2014 tax filing deadline, one of the things you have to report on your tax return is an IRA-to-IRA rollover. Whether you’ve already filed your taxes for 2013 or you’re waiting until the last minute, here is how to correctly report a tax-free IRA-to-IRA rollover. Don’t assume that because an IRA-to-IRA rollover is tax-free that it doesn’t need to be reported on your tax return; it has to be reported!
You’ll be receiving a copy of your 2013 IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., if you took a distribution from your employer retirement plan or IRA last year. The employer plan or IRA custodian has to send you a copy by January 31, 2014. You’ll need to give your tax preparer a copy of it so that your retirement plan distributions are correctly reported on your federal income tax return.
There are a number of excuses, more formally known as exceptions, that you can use to get out of the 10% penalty and lessen your tax burden. One such exception is for disability. Below, we discuss five important facts you need to know about this exception if you plan on trying to use it to avoid the 10% penalty.
IRS has announced that they are now processing all 2012 tax returns. Tax season is in full swing. What IRS forms might you need to file your tax return if you have any retirement plan transactions?
Retirement planning has many nuances, far more than the average investor can adequately negotiate. That is why an educated financial advisor is so important. He or she can help said investor navigate all pitfalls and answer all questions. This week's Slott Report Mailbag looks at some tricky subjects - disclaimers, step transactions, investing options within a Roth. These people didn't have the right answers - but a knowledgeable financial advisor should.
If you took a withdrawal from any IRA or employer plan last year, you will get a copy of IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. very soon. The IRA custodian or employer plan was required to send you a copy of Form 1099-R by January 31, 2013 for any 2012 retirement plan distributions you took.
