The “mega Roth” strategy, a new approach to retirement saving, is a way for some retirement plan participants to maximize their savings using Roth IRAs or retirement plan designated Roth accounts.
Read More
Quick Reference Tool: Current Roth IRA contribution eligibility phase-out ranges
Read More
Quick Reference Tool: Current Traditional IRA deductibility phase-out ranges
Read More
One of the biggest challenges “gig workers” face is a lack of access to an employer-sponsored retirement plan and the employer contributions that often go with it. Fortunately, there are four retirement savings alternatives ideal for gig workers.
Read More
With the growing number of baby boomer Traditional IRA owners turning age 70½ and older, it’s time to refine your RMD procedures and ensure that you and your IRA clients understand the RMD rules.
Read More
Don’t be caught off guard with these tax reform changes from the Tax Cuts and Jobs Act and Bipartisan Budget Act that take effect January 1, 2019.
Read More
The IRS recently released the 2019 cost-of-living adjustments. Many key IRA and retirement plan limits were increased for 2019.
Read More
October 15 has come and gone—and with it, the ability for IRA owners to correct 2017 IRA excess contributions without penalty. Now they must pay the penalty and still correct the excess using one of two options.
Read More
The House of Representatives has passed the Protecting Family and Small Business Tax Cuts Act of 2018. This is the third and final bill in the Tax Reform 2.0 package considered in the House.
Read More
On September 27, 2018, the House of Representatives passed the Family Savings Act of 2018, legislation that would make many significant changes to retirement and other tax-favored savings arrangements. Passage by the Senate is uncertain.
Read More
Tax Reform 2.0, if enacted by Congress, would make significant changes to tax-advantaged savings arrangements. The House may vote on this legislation by the end of September.
Read More
President Trump issued an Executive Order directing the Secretaries of Labor and Treasury—and the agencies they lead—to review and consider ways to revise several important provisions pertaining to retirement savings plans.
Read More
Understanding how the September 30 designation date applies to beneficiary distributions is key to handling payments to beneficiaries so as not to wrongly pay out these accounts after an IRA owner or plan participant dies.
Read More
Recharacterizations of conversions and retirement plan-to-Roth IRA rollovers are soon to be a thing of the past. Making clients aware of this change before they convert or roll over could lessen any regret or frustration with these transactions later.
Read More
After a longer than usual delay, the IRS released the 2018 Form 1099-R, 5498, and the associated instructions for IRA and retirement plan transactions. The IRS explains how to handle certain retirement plan loan offsets that are allowed an extended period beyond 60 days for rollover.
Read More
Getting IRA owners to designate a beneficiary can be challenging, but not doing so could lead to problems for the financial organization later, not to mention financial liability.
Read More
Depending on the federal aid program and the financial help needed, having money in a retirement savings account may affect how much financial assistance an individual receives.
Read More
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 More