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!
Last week President Obama delivered his State of the Union address to the nation and introduced us all to a new type of retirement account, the myRA. Since then, the ins and outs of the new accounts have been minced and parsed in just about every way imaginable. Click for more detail.
If you are an IRA owner who will be age 70 ½ or older this year, you should have received a notice from your IRA custodian telling you that you have a required minimum distribution (RMD) this year. They will also notify IRS on Form 5498 that you have an RMD. The letter to you should also tell you how much your RMD is for the year or offer to do the calculation for you. While you can generally rely on the calculation done by your IRA custodian, here are our 5 easy steps to be sure their calculation is correct.
It's fitting and all. School is in session or about to begin for many, so this week's Slott Report Mailbag provides the syllabus for IRAs 101, answering consumer questions on some of the IRA nuts-and-bolts you and your financial team must know to properly open, manage and distribute from an IRA.
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?
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.
