A Roth IRA offers distinct tax advantages that set it apart within the IRA family. But not everyone is eligible to contribute to a Roth IRA. Learn more about the eligibility requirements.
Read More
Can an HSA owner who changes to family HDHP coverage mid-year contribute the full HSA family contribution amount for the year? If an HSA owner has family HDHP coverage and she and her spouse each have an HSA, how much can each contribute to their respective HSAs? If a nondependent child under age 26 is still covered by a parent’s HDHP, may that child contribute to his own HSA?
Read More
Saving enough for retirement is difficult for most Americans. Unfortunately, it can be even more difficult for women. By understanding some of the challenges that many women face when it comes to saving, you can help your women clients who may be lagging behind in retirement preparedness catch up and even pull ahead.
Read More
When can employees withdraw money from a 401(k) plan while they are still working? Are there other ways that employees can take out their elective deferrals before age 59½ as a distribution? Can employees take loans from their 401(k) plans?
Read More
On December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which includes the major retirement savings-related SECURE Act provisions previously passed by the House in April 2019. Many of the provisions will become effective January 1, 2020.
Read More
Awaiting both House and Senate approval and signature by the President is the Consolidated Appropriations Act, 2020, which contains provisions to fund government operations for the coming fiscal year and includes SECURE Act provisions affecting retirement and individual savings plans.
Read More
Drawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
Read More
A Traditional IRA is a tax-advantaged option for many working individuals to grow pretax retirement savings. But not everyone is eligible to contribute to a Traditional IRA. Learn more about the eligibility requirements.
Read More
How should an RMD be satisfied for the year of an IRA owner’s death? How should it be reported? Should the beneficiary’s share of the IRA assets be moved to an inherited IRA before paying out the RMD?
Read More
Are your business clients frustrated with low employee participation in their retirement plans? It may be time for them to rethink their eligibility and contribution requirements.
Read More
May an individual roll over his 401(k) balance to a Puerto Rico retirement savings plan without tax consequences? May a Puerto Rico plan be moved to a 401(k) plan as a tax-deferred rollover?
Read More
Quick Reference Tool: This flow chart helps individuals determine whether they are eligible for a Roth IRA contribution or a Traditional IRA deduction—or both—based on their modified adjusted gross income.
Read More
The IRS recently released the 2020 cost-of-living adjustments. Many key IRA and retirement plan limits were increased for 2020.
Read More
HSA excess contributions may lead to questions from your HSA clients about how to handle the excess. Before you help clients address this issue, a basic overview of how to remove and report HSA excess contributions may be helpful.
Read More
One way that your employer plan clients can turn around low participation rates in their retirement plans—and save more—is by implementing automatic enrollment.
Read More
The IRS recently issued a notice of proposed rulemaking for updating life expectancy tables that are used when determining required minimum distributions.
Read More
The DOL recently issued proposed regulations intended to make it easier for employers to meet notification requirements when providing electronic retirement plan disclosures to plan participants and beneficiaries.
Read More
What is a trust and why would someone name a trust as an IRA beneficiary? What distribution options does a trust beneficiary of an IRA have? How are distributions to a trust reported to the IRS? Can the underlying beneficiaries of a trust set up their own inherited IRAs?
Read More