net income

SECURE 2.0 Eliminates Penalty on NIA

Wednesday, February 22, 2023
SECURE 2.0 is a mammoth piece of legislation that contains over 90 provisions that affect retirement accounts. While many of these provisions are not game changers, they still can be very helpful to specific groups of retirement savers. One of these is the provision that eliminates the 10% early distribution penalty that applies to net income attributable (NIA) when an excess IRA contribution is corrected by withdrawal.
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October 15 Deadline for Correcting IRA Contributions is Almost Here

Wednesday, September 11, 2019
Are you questioning that IRA contribution you made for 2018? Maybe you made a Roth IRA contribution and then discovered your income was too high. Maybe you made a traditional IRA contribution but you were ineligible due to your age. You may have made a traditional contribution and just changed your mind. You’d rather contribute to a Roth IRA or maybe not contribute at all. There is good news if you act quickly. You can fix these issues by correcting your 2018 IRA contribution by the upcoming October 15, 2019 deadline. October 15, 2019 Deadline When it comes to the timing for correcting a contribution, the key deadline is October 15 of the year following the year for which the excess contribution is made.
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