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IRA

Roth IRAs - Favored for Annual Contributions, Neglected for Rollovers from Company Plans

Roth IRAs become 20 years old in January of 2018 and now hold more than $660 billion in retirement wealth, reports the Investment Company Institute. Yet while Roth IRAs have become very popular among individuals who make annual contributions to IRAs, they are near totally avoided by persons who roll over big-dollar distributions from company retirement plans into their IRAs, with these funds going overwhelmingly into Traditional IRAs.

Retirement Account Limits for 2018

While there is a lot of focus on the proposed tax law changes that have a target effective date of 2018, there is something we can count on for 2018, the inflation adjusted retirement account limits. There are currently no proposed changes to the following limits.

Tax Reform and Your Retirement Account

House Republicans took the first shot at tax reform with the release of the Tax Cuts and Jobs Act on November 2. Now it is the Senate’s turn to weigh in. Not surprisingly, the Senate’s take on overhauling the tax code looks very different than the House version. You may wonder how your retirement account may be affected. Here are some highlights.

60-Day Rollovers and Multiple Checks

We continuously get questions on 60-day rollovers. Many times those questions revolve around a client receiving more than one distribution or wanting to complete the 60-day rollover with more than one distribution. Here is what you need to know.

10 Things to Know About the Still-Working Exception

Are you approaching retirement age and not looking forward to being forced to take unwanted required minimum distributions (RMDs) from your retirement account? You may be looking for a way to delay those distributions. You may have heard about the “still-working” exception, which can allow RMDs to be put off. Will this exception help you? Here are 10 things you need to know.

Tax Reform Proposal Unveiled

The much anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code. It is sure to be controversial and subject to political dispute, and specific provisions are likely to change. Here's how the major provisions that most matter to helping your clients read now.

IRA RMD Basics for the First Year’s Distribution

Every year more Baby boomers move toward age 70 ½ and their first required distributions from their retirement accounts. For those boomers born between July 1, 1946 and June 30, 1947, you turned 70 ½ in 2017. You now need to take your first required minimum distribution (RMD) from your IRA accounts. Here are the basics of that first distribution.

Stuck with the Five-Year Rule? Think Again

If you inherit an IRA, especially if it is a larger one, you may be afraid of being stuck with the five-year distribution rule. If this rule applies, your IRA must be entirely emptied in five years which can be a serious tax hit. Fortunately, you are much less likely to be stuck with the five-year rule than you may think.

RMDs to a Trust Beneficiary of an IRA

In the past couple of weeks, I have heard the wrong answer to the question of where required minimum distributions (RMDs) must go to a trust beneficiary from both an advisor and an IRA custodian.

Is Your IRA Haunted?

It’s Halloween season! This is the time for ghosts, witches, and trick or treating. What does Halloween have to do with your IRA? You might be surprised to hear that your IRA may be haunted. How can that be? Believe it or not, actions you take, or don’t take, can haunt your beneficiaries for years down the road.

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