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Tax

The 10% Early Distribution Penalty Exceptions – Know the Rules

This is a reminder that not all 10% early distribution penalty exceptions apply to all retirement plan distributions. Here are the three biggest mistakes that we see.

6 Things Every Non-Spouse IRA Beneficiary Needs to Know

It is not unusual to inherit an IRA from someone who is not your spouse. Many people inherit an IRA from a parent or a sibling. If this is the case for you, here are six things you will want to know.

Last Minute IRA Contribution Advice

The 2016 tax-filing deadline is upon us. Are you considering making a 2016 IRA contribution? It’s not too late, but time is quickly running out. Here are some quick words of last minute advice to keep in mind as you make your contribution.

Sometimes It Pays to Treat Your Kids Unequally

As the father of more than one child, I understand the desire to try and treat children as equally as possible. You certainly don’t want one child to think you love him/her any less, or more, than your other children (though children will inevitably feel that way at one time or another), and you want the best for all of your children. But while children may share the same parents, may grow up in the same house and may be raised in the same manner, they are very much like snowflakes. Each one is truly unique. For those not set on a predetermined course of action when developing an estate plan, there are definitely scenarios where, from a purely financial perspective, it can pay to treat children differently. In fact, doing so can, in some cases, leave everyone with more than they would have otherwise.

Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time

Here are the 11 things you need to know at tax time.

What You Should Know Before You Name an HSA Beneficiary

If you have an HSA, you will want to give some thought to what will happen to this account after your death. The rules are a little tricky and careful planning is important to minimize the tax bite.

7 IRA Questions to Ask Before You File Your Return

1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040.

Things to Tell Your Tax Preparer During Tax Season

Any time you get a 1099-R for a retirement plan transaction, make sure you give it to your tax preparer. The IRS gets copies of your 1099-Rs, so they need to be included on your income tax return. They cannot be ignored, even if they are for a non-taxable transaction. How will your tax preparer know it is a non-taxable transaction? You have to tell him or her.

Do You Have to File an Amended Return?

If you’re like most people, you’ve probably wondered at some point, “Do I need to file an amended return for that?” It is in that spirit that we offer you seven common errors and whether or not you should file an amended return after you discover them.

If IRAs Had Oscars…

Announcer: And the award for Best Type of Account to Help John Doe in Retirement goes to…

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