If you are required to take an RMD (required minimum distribution) from your IRA for 2016, your IRA custodian is required to send an RMD statement to you by January 31, 2016. Here are seven things you need to know about this important information, which will be arriving in your mail sometime in the next few weeks.
What kind of nightmarish world would we be living in where prices would go up 2,000% overnight? A world where gas today is $1.50 per gallon, but tomorrow it will cost you $30 for the same gallon. Thankfully, such increases are all but unheard of in the real world. At least that’s the case most of the time. Effective February 1, 2016, the IRS is raising the cost of some IRA (and other retirement account) related private letter rulings (PLRs) by as much as 2,000%... overnight! Here’s the deal.
A new report from the Treasury Inspector General for Tax Administration (TIGTA) found that IRS hasn't done enough to address the problem of excess IRA contributions. What is an excess IRA contribution and how do you fix it?
If you made a traditional IRA contribution for 2014, you should have reported it to the IRS. But what if you forgot? You should still report to to the IRS. Here's why.
Check, double check, and then, maybe, check again. When you are moving retirement funds, make sure they are going to the right account. We have heard so many horror stories through the years. Here's just a few "do-not-do-this" examples.
A taxpayer went to IRS with the plea that the 60-day IRA rollover period came and went without activity due to her financial instability during a time of employment insecurity and other stressful experiences. What was IRS' response to the request for more time?
We still get many questions on how a taxpayer should report a QCD (qualified charitable distribution) on their tax return. Jeffrey Levine takes you through the IRS Forms to use and what you should write on certain key lines.
Did you set up a SEP or SIMPLE IRA thinking it was a savings account for your retirement? While it is a way to save for retirement, it is NOT a savings account. Our IRA Technical Expert Beverly DeVeny explains why.
You can invest your IRA funds in just about anything. However, you’re not allowed to invest IRA funds in collectibles, life insurance, and S Corp stock; but other than that, almost everything else would be allowed. It’s important to understand that when we talk about investing your IRA funds, we’re talking about investments inside your IRA. Someone recently learned a hard lesson when he invested his IRA funds outside his IRA, which caused a taxable IRA distribution that the IRS wouldn’t allow him to fix.
IRS has updated several retirement-related publications. They are now available on the IRS website, www.irs.gov under Forms and Pubs. They will all say that they are updated for 2014 so you can use them in preparing your 2014 federal income tax return. However, they also will have the current contribution limits and other necessary information for this year.
