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.
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The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
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The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.
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Was your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.
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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.
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There is no age restriction for contributing to a Traditional or Roth IRA. The primary eligibility requirement is that a person must have eligible compensation.
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The IRS issued Notice 2022-33, which extends the deadline for amendments to retirement plans and Individual Retirement Arrangements (IRAs) to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.
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The past few years have been a roller coaster ride for many retirement savers. After performing well for several years, the broader investment markets have been hit hard since the beginning of 2022. Now the price of gas, food, housing, and other goods and services continue to rise, and for many of us, something needs to give.
But that “something” shouldn’t be your retirement savings.
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IRA owners sometimes contribute more than they are permitted. Or they may contribute only to later discover that they cannot deduct the contribution. And sometimes they simply want to take the contribution out for some other reason. Whatever the situation, IRA owners—and financial organizations—must follow detailed rules for excess removals.
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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.
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There are fundamental differences between correcting SEP and SIMPLE plan excesses, which are generally created by employer contributions, and correcting Traditional and Roth IRA excesses, which are created by the account owner.
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Over the next several months, we will be featuring stories in The Link newsletter on the pandemic’s impact on retirement readiness. This series is not for us to look behind us at what we may have lost; instead, it’s meant to help us look ahead. We want to support our business partners as we all navigate the continued impact of this pandemic. We want to continue to encourage and promote a healthy approach to retirement, health, and emergency savings for all ages, from the retiring Baby Boomer generation to the teenage Gen Z.
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If your clients took CRDs in 2020, they still have time to make repayments to their qualified retirement plan or eligible IRA. Because a relatively small number of qualified individuals took CRDs in 2020 you may handle few CRD repayments, but their proper reporting is no less important for their infrequency.
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The 2021 tax season is almost over. We say almost because most financial organizations still have one last report to file, IRS Form 5498, IRA Contribution Information, which must be filed with the IRS by May 31. Do you know what to do after the Form 5498s have been sent to the IRS and to IRA owners and errors are discovered on the form? We will walk you through the corrections process.
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Individuals may simultaneously convert Traditional IRA assets and roll over pretax 401(k) plan assets to a Roth IRA. The transactions are relatively straightforward from a compliance perspective. Neither are subject to income restrictions or the one-per-12-month rollover rule. Both types of transactions can be done directly, which eliminates concerns over the 60-day rule.
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Some exceptions apply universally across both qualified retirement plans (QRPs) and individual retirement accounts (IRAs). Some exceptions, however, are unique to QRPs and some are unique to IRAs.
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The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in New Mexico.
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Effective April 1, 2022, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,362,800 to $1,512,350.
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