Tax Planning
What You Need to Know About Qualifying Longevity Annuity Contracts
On July 1, 2014 the Treasury Department released the long-awaited final regulations for Qualifying Longevity Annuity Contracts (QLACs). These new annuities will offer you a unique tool to help make sure you don't outlive your money. The QLAC rules, however, are a complicated mash-up of IRA rules and annuity rules, and you may need help in understanding their key provisions. To help you understand some of the most important aspects of QLACs, below are 3 critical QLAC questions and their answers.
“Age 55 Rule” For Taking Money Out of a Company Retirement Plan
If you participate in a company retirement plan, such as a 401(k), there's a way you can take a distribution and get out of paying the 10% early distribution penalty if you're under age 59 ½ at the time of the withdrawal. The rule is sometimes called the “age 55 rule.” Click to learn more about this rule.
Happy Parenthood! 3 Tax Planning Moves To Consider Making For Your New Child
I’m still having a hard time believing it's true, but by the end of tomorrow, I'm going to become a father for the first time. I am obviously super excited and can't wait to experience all the joys – and even some of the pains – of fatherhood. I know that being a father is nothing to take lightly and there are many responsibilities. Some of the responsibilities are financially-oriented and for a few of those, there are tax efficient ways of achieving one's goals. Now obviously, everybody’s situation is different, but below are 3 tax-planning moves I plan to make as soon as possible once I become a father. Perhaps one or more of them is relevant for you and your planning.
Don’t Just “Forget” About the 60-Day IRA Rollover Window … It Will Cost You
A taxpayer learned a costly lesson recently when he forgot to complete an IRA rollover within the 60-day time fame. He asked the IRS for more time to do the rollover, but they turned him down. As a result, his IRA distribution couldn’t be rolled over tax-free so that meant his IRA distribution was taxable.
QLACs Shift From Tax Code Theory to Consumer Reality … Soon
In response to my post last week on the IRS announcement of final regulations for Qualifying Longevity Annuity Contracts (QLACs), a number of Slott Report readers inquired about their availability. Here’s what some of them had to say...
IRS Regulations Bring QLACs to Life
Yesterday, July 1, 2014, the IRS released the Final Regulations for "qualifying longevity annuity contracts" (QLACs). Thanks to these regulations, you will now be able to purchase certain annuity contracts that can be excluded from the fair market value you use to calculate your required minimum distribution (RMD).
It’s June – Can You Still Make an IRA Contribution For Last Year?
"Can I still make an IRA contribution?
We get this question a lot at this time of year. A client has his tax return on extension, the return is being prepared now, can the client still make an IRA contribution? Click to find out.
10 (Not So) Simple Steps to Claiming a Deduction for a Roth IRA Loss
I was appearing as a guest on a radio show yesterday when a listener called in, saying that his Roth IRA had lost substantial value. Ultimately, the caller wanted to know if he could claim a deduction for his Roth IRA loss. I told him that the answer was probably “no,” but that a question like that would be exceedingly difficult to answer for sure, given the time I had left on air. Here is a more detailed answer to his question.
Supreme Court: Inherited IRAs are NOT Retirement Accounts … and What This Means For You
In a landmark decision last Thursday, the Supreme Court ruled unanimously, 9-0, that inherited IRAs are not protected in bankruptcy under federal law. The decision has far reaching ramifications and, depending on your heirs' specific circumstances, may give you pause as to who — or what — is the best beneficiary for your retirement accounts. Click to learn more about this ruling and how it may affect you.
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