A taxpayer simply wanted sound financial advice. Instead she received compounding errors, headaches and a trip to IRS. In this month's Ruling to Remember, we examine advisor and custodian errors that lead to an IRS Private Letter Ruling on an IRA to SIMPLE IRA rollover.
If you own a business and you’re thinking about starting a retirement plan for 2014, you may want to look at a SIMPLE IRA Plan (Savings Incentive Match Plan for Employees). We look at the plan's basic tenets and urge interested parties to plan now. The deadline for starting a new SIMPLE IRA plan for this year is right around the corner.
This week's Slott Report Mailbag looks at combining IRA monies into one big IRA, how 401(k)s affect calculating yearly IRA distributions and whether leaving equal IRA shares to your three children is possible. Click to read this week's Q&A with our IRA Technical Expert.
If your employer offers a SIMPLE IRA Plan, make sure to participate in it to get free money. A SIMPLE (Savings Incentive Match Plan for Employees) IRA Plan is a company retirement that is set up by a business that has less than 100 employees. The rules require that each employee must establish his own SIMPLE IRA to receive the contributions. Click to learn how to get FREE money in a Simple IRA Plan.
IRS has announced that they are going to go along with the Tax Court decision in the Bobrow case, but they won’t do so until at least January 1, 2015. What's this mean? We detail this ruling below.
This week's Slott Report Mailbag looks at naming minors as IRA beneficiaries, something we cover in some depth in other articles, as well as the RMD (required minimum distribution) rules around annuities. Click to read a Q&A with our IRA Technical Expert.
A SEP, or Simplified Employee Pension Plan, is an IRA-based employer retirement plan that’s very similar to a profit sharing plan. All SEP contributions are made by your employer. The employer decides how much to contribute for the year, anywhere from 0% to 25% of an eligible employee’s compensation with a maximum of $51,000 for 2013. After your employer decides how much to contribute, that contribution will be deposited into your IRA. Note that SEP contributions can never be made into your Roth IRA or your SIMPLE IRA.
You have your IRA at a large, reputable firm. They are going to give you accurate information, right? Not always. Consider the following:
While many Americans aren't saving enough for retirement, there are others who are saving a lot (true story). In fact, some of you have asked whether it's possible to contribute to more than one retirement plan for the same year. See the answer below.
We are going back to basics in this week's Slott Report Mailbag with questions revolving around the foundation of IRA planning. Converting and accessing funds and avoiding penalties are the fundamental keys you and your financial team grapple with each day.
