We are considering offering additional investment opportunities. What are the limitations? Are life insurance and collectibles the only two investments prohibited in an IRA?
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The IRS has lowered the health savings account (HSA) maximum contribution amount for family coverage for 2018—an adjustment resulting from the Tax Cuts and Jobs Act that changed the formula used to calculate inflation-adjusted contribution limits.
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Budget Act of 2018 makes important changes to retirement plans and IRAs, including tax relief for California wildfire victims, hardship distribution rules relaxed, and changes to portability rules.
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Ascensus EVP Steve Christenson discusses HSA and Medicare timing considerations that financial organizations should discuss with their HSA clients who are nearing retirement.
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What are some benefits of an ESA compared to other types of accounts? What are some of the pitfalls? Can a customer open an IRA for his child to pay the child’s education expenses?
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HSA savings is on the rise, and customer questions will not slow down. Being able to answer to confusing HSA questions will set you apart as an HSA expert and a provider of good customer service.
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Can a participant name someone other than her spouse as the designated beneficiary for her qualified retirement plan? If a participant has a last will and testament, should the plan administrator distribute plan assets to the person named on the beneficiary designation or to the person named in the last will and testament?
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The IRS released an announcement in March that describes when it expects to begin issuing opinion and advisory letters for defined benefit (DB) pension plans.
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The IRS announced a late change for 2017 Form 1099-R reporting of IRA and retirement plan qualified hurricane distributions. The IRS is not, however, requiring reporting corrections.
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What does it mean to be a fiduciary of a plan? Who are fiduciaries of the plan? Must a fiduciary tell participants that he is a fiduciary?
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IRA compliance is a big responsibility for financial organizations that administer IRAs, and mistakes do happen. Here are common errors that Ascensus® consultants have found during financial organization IRA compliance reviews.
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How is an individual’s HSA contribution limit determined for the year he enrolls in Medicare? How much can an HSA owner contribute if he switches from self-only to family health insurance coverage mid-year?
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Tax reform legislation no longer allows taxpayers to undo their IRA conversions and retirement plan rollovers to Roth IRAs, which both have potential for heavy tax hits. Here’s a look at recharacterizations during this 2018 transition year.
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The start of a new year is the ideal time to create a roadmap for the year ahead, noting retirement plan changes that may be on the horizon. Here are key items to keep watch for in 2018.
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Traffic at financial organizations picks up soon for IRA and health savings account (HSA) contributions. Individuals can start making 2018 contributions, but preparing their 2017 income tax returns often prompt them to make prior-year contributions.
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The financial industry has been hearing about the Department of Labor fiduciary (conflict-of-interest) rule for several years. These rules apply to IRAs, HSAs, and Coverdell ESAs, as well as employer-sponsored retirement plans. While some aspects will not apply until mid-2019, financial organizations should fully evaluate how the rules affect their products and services.
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Accepting rollovers of inherited retirement plan assets is a great way to grow IRA business. Financial organizations interested in capturing a larger share of the rollover market should encourage rollover contributions from employer-sponsored retirement plan beneficiaries.
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An IRA owner wants to complete a rollover through the new self-certification process. How do we report this? Must we file a corrected Form 1099-R showing a small incorrect amount? Can an IRA beneficiary do a qualified charitable distribution?
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