SECURE 2.0 has now opened a new window, allowing eligible retirement plan participants and IRA owners to make larger catch-up contributions.
Read More
Health savings accounts (HSAs) can be easy to offer employees and benefits everyone. But employers should know what their responsibilities are for their employees’ HSAs.
Read More
Here’s a refresher on how to know the reporting differences between rollovers, postponed/late contributions, and repayments.
Read More
An in-plan Roth rollover (IRR) is a rollover of non-Roth assets to a designated Roth account under the plan. Learn more about the plan and notification requirements for an employer plan to offer IRRs.
Read More
The SECURE Act of 2019 has been followed by a package of several bills, which have collectively been dubbed “SECURE 2.0.” These bills were eventually combined into a single bill, titled The SECURE 2.0 Act of 2022. This bill was included in the Consolidated Appropriations Act of 2023, which was signed into law on December 29, 2022.
Read More
The SECURE Act of 2019 increased the RMD age from 70½ to 72 years. Now the SECURE 2.0 Act of 2022 is once again delaying the RMD age—from 72 to 73—starting in 2023. And wait, there’s more. In 2033, the RMD age will increase to age 75.
Read More
It’s been 25 years since Roth IRAs first became available as a tax-favored retirement savings option. Today, Roth IRAs are just as relevant as they were when they were introduced. In fact, the SECURE 2.0 Act of 2022 includes provisions that may continue to expand the popularity of Roth IRAs as a unique retirement savings tool in years to come.
Read More
An individual can contribute to an employer-sponsored retirement plan and to a Traditional IRA. But claiming a federal income tax deduction for a Traditional IRA contribution may be a different matter.
Read More
Qualified plan loan offsets (QPLOs) give clients more time to repay most outstanding plan loans.
Read More
The holiday season is often called the most wonderful time of the year, but many self-employed individuals also call it the most stressful time of the year.
Read More
If your financial organization holds a Traditional or SIMPLE IRA on December 31, 2022, and the IRA owner will be 72 or older in 2023, you must provide the IRA owner with an RMD statement by January 31, 2023.
Read More
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. Here’s a guide to help you choose the correct code.
Read More
A conversion is a taxable, reportable movement of assets from either a Traditional IRA (including Traditional IRAs that hold SEP contributions) or a SIMPLE IRA (after a two-year period) to a Roth IRA.
Read More
If a company is part of a related employer relationship, the companies within the relationship are generally treated as one employer for retirement plan purposes.
Read More
The IRS will not enforce the 50 percent excess accumulation penalty tax for certain beneficiaries.
Read More
The Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
Read More
The IRS in Notice 2022-55 has issued the inflation-adjusted retirement savings limitations for the coming year. Those who follow these annual announcements will note some significant year-over-year increases from the 2022 amounts.
Read More
The IRS has always treated IRA (and qualified plan) spouse beneficiaries quite generously. But the new RMD rules may make executing certain options more complicated.
Read More