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 MoreIn response to the growing financial crisis of outstanding student loan debt, some employers have found a way to help employees pay off their student loan debt and save for retirement.
Read MoreWhen it comes to your HSA business, be careful not to overlook your generation X clients, as most own an HSA. Knowing their generational traits may be helpful in marketing to this particular group of consumers.
Read MoreWhat is the difference between a qualified and a nonqualified distribution from a Coverdell ESA? Does a penalty tax apply to a nonqualified distribution?
Read MoreWhen conducting ADP and ACP testing for a plan that does not use a safe harbor 401(k) design, what techniques can be used to structure a test to enhance its chances of passing? How should a failed ADP or ACP test be corrected?
Read MoreAfter 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 MoreThe IRS announced that it is extending the submission period for opinion letters for pre-approved defined contribution (DC) retirement plans by three months.
Read MoreGetting 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 MoreWhile a debit or credit card gives HSA owners easier access to their HSA funds, it can also put their HSA at risk for a prohibited transaction. Fortunately, there are simple ways to avoid this risk.
Read MoreDepending 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 MoreIt’s official. The IRS has issued final regulations amending the definitions of QNECs and QMACs to allow the use of forfeitures to fund QNECs and QMACs.
Read MoreWhat 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 MoreWhat is a 403(b) pre-approved plan and what is the benefit of having one? Are existing 403(b) plans required to be restated as a pre-approved plan? Is there a deadline to restate an existing plan onto a pre-approved plan?
Read MoreCan the Safe Harbor 401(k) plan be amended mid-year to increase eligibility to a one year of service with 1,000 hours? Can an employer amend a Safe Harbor 401(k) plan mid-year to increase the safe harbor nonelective contribution?
Read MoreWhat happens to an HSA when the owner passes away and the beneficiary is a not the spouse? Can someone besides an HSA owner have access to the HSA?
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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