While most financial organizations are familiar with Roth IRA conversions, the mega backdoor Roth strategy in certain employer plans has emerged as a technique for supercharging tax-free retirement savings when plan design and nondiscrimination testing allows.
Read MoreIndividuals may only use compensation earned from services rendered (earned income) to support the funding of a Roth or Traditional IRA.
Read MoreAs we roll into 2026, it’s a good time to revisit what really matters when contributing to a Traditional IRA and what has changed. Whether you’re helping clients plan or just thinking about your own retirement roadmap, these are the key rules to keep in mind.
Read MoreThe IRS has issued Notice 2025-67 on November 13, 2025, which contains the 2026 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
Read MoreThere are circumstances when the actual order of death cannot be positively determined. Why does this matter? The order of death may determine whether an IRA or retirement plan account becomes the property of a contingent beneficiary, versus a primary beneficiary’s estate. Sometimes the financial stakes can be quite high.
Read MoreAs 2025 draws to a close, here are some RMD scenarios you may encounter at your financial organization.
Read MoreWhen it comes to saving for retirement, most people understand the basics. They set up an IRA, begin making contributions, and let the balance grow. The stumbling block tends to happen later, when it’s time to move those funds. That’s when your clients hear terms like “transfer” and “rollover,” and may end up doing the exact opposite of what they should.
Read MoreThe backdoor Roth contribution works especially well if your client doesn’t have any other pretax assets in any Traditional (including those holding SEP assets) or SIMPLE IRAs.
Read MoreThe deadline for removing 2024 excess contributions and completing recharacterizations is on the horizon. An IRA owner has until his tax return due date, plus extensions, to remove an excess contribution or recharacterize a 2024 contribution.
Read MoreFinancial organizations are not required to send notices to clients or report to the IRS when an annual payment must be taken from an inherited IRA. The beneficiary is responsible for knowing and taking any required life expectancy payments.
Although not required, many financial organizations assist their clients with this calculation.
Read MoreMost pretax retirement savings are taxed as ordinary income, taxed at one’s marginal tax rate. But under specific circumstances employer securities can be taxed differently.
Read MoreThe introduction of code Y has brought up a lot of questions. Here’s what we know so far, and what information we hope to see by the end of the year.
Read MoreWhen clients bring inherited IRAs from other financial organizations to yours, your team must know which information to collect in order to ensure a smooth transition.
Read MoreNo one wants to be caught unprepared by an IRS audit. Because the best defense is a good offense, here are some tips and tricks to review your own files so you can learn what areas may need your attention.
Read MoreWhen an IRA owner dies, the assets are distributed to beneficiaries, whether named by the IRA owner or determined by IRA document defaults. This can sometimes be a complicated process for financial organizations. And further complications may arise when the original beneficiary dies, leaving the inherited IRA to a successor beneficiary.
Read MoreEveryone loves a good summer to-do list and we’re here to help. It’s the perfect time to survey your IRA department and see how you’re doing and what can be improved or implemented.
Read MoreAs your financial organization prepares to file Form 5498, IRA Contribution Information, to the IRS and send copies to your clients, it is a great time to familiarize yourself with what the form reports.
Read MoreBuried within the newly released 2025 Form 1099-R instructions is a reporting change you may have missed, but one that is important to know about if you work with IRAs.
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