What can be done when an IRA owner’s spouse and children are the primary beneficiaries of the IRA but the children want all of the IRA assets to go to the spouse? With an HSA, the assets are deemed distributed to a nonspouse beneficiary upon the HSA owner’s death, but can the nonspouse beneficiary still disclaim the assets he would receive as a beneficiary?
Read MoreResearch shows that the millennial generation is the best generation of savers since the Great Depression. Paying off debt is important to them. But many are falling short on saving for retirement.
Read MoreMany financial organizations struggle with IRAs that are left unclaimed or abandoned. How must these IRAs be handled to satisfy a financial organization’s duty as trustee or custodian and its desire to “clean up” inactive accounts?
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The IRS has released the 2018 tax year Form 5498, IRA Contribution Information, with a few changes related to the Tax Cuts and Jobs Act of 2017. The 2018 Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is not yet available.
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The U.S. Fifth Circuit Court of Appeals has finally made it official—the 2016 Department of Labor (DOL) fiduciary investment advice final regulations and accompanying guidance are repealed. What Happens Next?
Read MoreTax law changes and business developments, such as mergers or acquisitions, may warrant IRA document amendments. Two pieces of recent legislation—the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018—led to significant IRA rule changes.
Read MoreTwo Senators have introduced the “Commission on Retirement Security Act of 2018,” which is a bill that if enacted, would create a commission to study Americans’ private retirement programs and make recommendations to Congress for improvements.
Read MoreThe IRS issued a revenue ruling stating how withholding and reporting is applied to IRA assets that are escheated to states.
Read MoreThe IRS has issued proposed regulations that would alter the rules for electronic filing requirements of retirement and certain tax-preferred savings account information returns, which would require more filing entities to file electronically.
Read MoreWhat is a qualified charitable distribution (QCD)? Are there limits to how many QCDs an IRA owner may make in a year? How are QCDs treated when the IRA owner has nondeductible contributions in the IRA?
Read MoreQuick Reference Tool: Distribution options for beneficiaries of IRAs when the IRA owner died before January 1, 2020.
Read MoreQuick Reference Tool: Current Traditional and Roth IRA contribution limits
Read MoreQuick Reference Tool: Distribution options for beneficiaries of IRAs when the IRA owner died on or after January 1, 2020.
Read MoreQuick Reference Tool: Current contribution limits for employer-sponsored and IRA-based retirement plans.
Read MoreA Department of Labor bulletin announces a temporary non-enforcement policy stating that the DOL generally will not enforce the investment advice fiduciary guidance following action by the U.S. Fifth Circuit Court of Appeals to vacate its final regulations and exemptions package.
Read MoreThe Securities and Exchange Commission (SEC) issued proposed guidance for broker-dealers and registered investment advisors who make recommendations to retail clients. Now that the DOL conflict-of-interest (fiduciary) regulations are vacated, this SEC guidance remains the standard for broker-dealers who make investment recommendations.
Read MoreAre we required to notify IRA clients who came to us from an acquisition that we are the new trustee? What should I do if the IRA documents are missing? Do we need to do anything regarding the SEP plans that were established with the previous organization if we do not offer SEP Plan documents?
Read MoreFinancial organizations are responsible for making accurate separate accounting available for IRA beneficiaries. Properly establishing separate accounts provides more options for multiple beneficiaries.
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