Can an IRA owner roll over a distributed 2020 RMD? Does an IRA beneficiary have to satisfy a year-of-death RMD for 2020? Does an IRA owner have to take an RMD for 2020—despite the waiver—before converting to a Roth IRA in 2020?
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The DOL issued a new prohibited transaction exemption that maintains the impartial conduct standard in effect since 2018 for financial advisors and retail investors to adhere to.
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The IRS recently published final regulations updating the life expectancy tables that are used for required minimum distributions and other purposes. Although not applicable until 2022, find out how the new life expectancy figures may affect your clients so your organization can prepare to accommodate its administrative system for the changes.
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Recent IRS guidance addresses reporting and withholding issues related to escheatment of retirement plan assets. This guidance also adds receipt of escheated funds to the list of approved reasons for individuals to self-certify that they qualify for the 60-day rollover waiver.
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One of the most difficult aspects of reporting IRA and retirement plan distributions is determining the proper distribution code(s) to enter in Box 7 on IRS Form 1099-R. We’ve called out each distribution code that may apply and explained when to use each.
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The IRS released the 2021 IRA and retirement savings plan limitations in late October. Several limitations will increase for 2021.
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Intended to encourage charitable giving, a qualified charitable distribution is an IRA withdrawal that is paid to a qualifying charitable organization, and—if conditions are met—will be tax-free to the giver.
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Often, a beneficiary designation mistake is not discovered until the IRA owner has died and it’s too late to correct it. This can result in payment to an unintended beneficiary, additional tax and legal expenses, and reputational risk to your organization. Learn how to avoid the most common beneficiary designation mistakes.
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Although conversions and recharacterizations are fairly common, many who work with IRAs don’t fully understand how they work. We’ll clear up some common misconceptions about these two types of transactions.
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The IRS issued final regulations updating its life expectancy tables, which are used for calculating required payments from retirement savings arrangements. The new tables are to be used for distributions required in 2022 and later years.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Delta.
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The IRS updated a previously-issued extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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Summary descriptions are soon due to employers that sponsor a SIMPLE IRA plan. Employers may look to your organization to find out what must be included. Be sure you understand the notice requirements.
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Life expectancy payments are minimum amounts that beneficiaries must withdraw annually from inherited IRAs. You may be asked to help calculate these payments. To do so, you’ll need to know when to use the recalculation method versus the nonrecalculation method.
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How do you know which beneficiary rules—the ones before the SECURE Act or after—to follow? Which beneficiary options are available if an IRA owner died in 2019 but the financial organization isn’t notified until 2020?
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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IRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
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