Financial organizations must offer federal withholding on all IRA distributions that may be subject to income tax.
Read More
There are many deadlines to keep track of throughout the year. Although it’s generally up to clients to track these deadlines, they may come to you for guidance. This article will cover some common questions surrounding certain IRA-related deadlines.
Read More
Beginning with account owner deaths in 2020 and later, the SECURE Act of 2019 made significant changes to the rules on how qualified plan beneficiaries distribute their inherited assets. One significant provision prevents most nonspouse beneficiaries from “stretching” out distributions and taxation over their life expectancy.
Read More
Are there any age restrictions to making an IRA contribution? Can a working spouse contribute to a retired spouse’s IRA? What are the IRA catch-up contribution rules? Can I contribute to a 401(k) plan and to a Traditional IRA? Here are answers to your common IRA contribution questions.
Read More
What is a Sarbanes-Oxley blackout notice? What is a blackout period? What information must be included in the blackout notice? What are the potential consequences of not providing a timely blackout notice?
Read More
January is rapidly approaching and with it comes the deadline for fair market value (FMV) statements. One of the most challenging IRA reporting requirements is FMV statement reporting for the IRA owner’s year of death.
Read More
Naming a trust your IRA beneficiary is much less common than naming one or more persons, but it is not altogether rare. Unlike a will—which essentially only identifies who will receive a decedent’s assets—a trust can set conditions or limitations for receiving the assets and identifies one or more trustees to ensure that the decedent’s wishes expressed in the trust are carried out.
Read More
If you’re uncertain about the RMD rules, you’re not alone. The rules can be complicated. And you may find that many beneficiaries don’t understand the rules either.
Read More
Beneficiaries are allowed to disclaim inherited IRA assets. But beneficiaries cannot direct where the assets will go.
Read More
The IRS on July 14, 2023, issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.
Read More
Financial organizations sometimes have a difficult time tracking down beneficiaries that are entitled to inherited IRA assets. Some scenarios may have you questioning, what do we do with these assets now?
Read More
Although there are a few similarities between IRAs and HSAs, the beneficiary options are different.
Read More
Trusts are used in estate planning for many reasons. IRA owners may establish a trust to reduce estate taxes, to control the way their assets are distributed, and to avoid family conflicts. A trust can also be a way for beneficiaries to avoid the costly probate process.
Read More
Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.
Read More
The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
Read More
The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.
Read More
Helping clients determine distribution options after a loved one dies may seem overwhelming, but there are a few simple questions that can guide you to the appropriate options if the individual had assets in an individual retirement arrangement (IRA) or an employer-sponsored retirement plan, such as a 401(k) plan or 403(b) plan.
Read More
When spouse beneficiaries come in to settle their inherited retirement accounts, you and your staff may want to share with them how the proposed RMD regulations could affect their financial decisions.
Read More