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Friday, November 20, 2009
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IRA Alert
The suspension of 2009 required-minimum distributions from retirement plans and IRAs was enacted as part of the Worker, Retiree and Employer Recovery Act of 2008, which was signed into law Dec. 23.
The Internal Revenue Service has closed another loophole in the Tax Code.
Two recent cases involving New York City employees illustrate how retirement plan loan provisions are more complex than they first appear, and how violating any of them can lead to serious tax consequences.
The Internal Revenue Service recently ruled that an improper transfer of funds from an individual retirement account from which the client was taking 72(t) payments triggered the 10% early-withdrawal penalty.
When Roth individual retirement accounts were created, it was inevitable that some taxpayers would attempt to exploit their advantageous provisions.
Individual retirement account owners under 59½ who take a distribution from their IRA are subject to a 10% penalty on the taxable amount of the distribution. But there are several exceptions to the penalty.
Chances are, you have clients in financial distress, with a need for ready cash.
It's tax time, and more advisers are being asked by clients whether losses incurred in individual retirement accounts are deductible.
No required minimum distributions for 2009.
The New Year brings major changes in many estate plans. Not only has there been the biggest year-to-year increase in the federal estate tax exemption (from $2 million to $3.5 million), but the change ...
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