Results for "IRA Alert"

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Prepare clients for an untimely end to Roth conversion do-overs

November 9, 2017

The new tax proposal from Congress had a November surprise. The proposal includes a repeal of the Roth IRA recharacterization, which is the ability to undo a Roth conversion. I normally don't like to advise planning based on proposed law, but...

Retirement planning challenges under tax reform

October 13, 2017

During retirement, clients may be counting on certain deductions to reduce their taxable income, but under the latest tax proposal some of the biggest deductions are on the chopping block. Advisers will have to address what might happen, before...

Retirement benefits for military families

September 14, 2017

Veterans Day is coming in November, and there are retirement benefits for current military members who could use financial help. Financial advisers should pass this information on to clients and friends who might benefit from one of these retirement...

Planning Roth conversions during tax reform uncertainty

June 23, 2017

What will 2017 or even 2018 tax rules look like? Going into summertime it's starting to look like any major tax reform may not be effective until 2018. One thing is for sure, though: Roth conversions will be affected, both the conversions already...

4 ways to reduce RMD taxes

June 9, 2017

Required minimum distributions (RMDs) usually mean an increase in taxes. Here are four ways you can reduce this RMD burden for your clients. 1. Qualified charitable distributions (QCDs) QCDs should be in play for every IRA client 70 ½ or older...

5 costly inherited IRA mistakes

May 12, 2017

Inherited individual retirement account mistakes are expensive and often fatal, meaning they cannot be fixed like some other IRA mistakes can. Advisers should have their antennas up when an IRA owner dies and leaves the IRA to a non-spouse beneficiary,...

Help clients use qualified charitable distributions to save on taxes

April 14, 2017

Charitable IRA rollovers, technically known as qualified charitable distributions, save taxes. So why aren't clients taking advantage of them? We're not seeing many people using them, when most clients who qualify should be. This tax benefit...

Donald Trump vs. Bill Clinton: Same age, but different IRA rules

March 13, 2017

Both Presidents Donald J. Trump and Bill Clinton turned age 70 in 2016. They were both born in 1946 and are in the first group of baby boomers to be subject to the age 70 ½ required minimum distribution rules, assuming of course they both have...

How to help millennials avoid big mistakes with their IRAs

February 14, 2017

Millennials need retirement help. They're making critical IRA mistakes that will cost them exponentially over time. They need human advisers, not just robo-advisers who offer no guidance. Advisers can tap into the millennial IRA market through...

Now is the time to review and correct 1099-R tax forms

January 19, 2017

Your clients are now receiving 1099-Rs for distributions they received in 2016 from their retirement accounts. However, there is a good chance the form contains an error. This can cause IRS problems for the client later on, since IRS also receives...

Still time to make IRA contributions for 2016

January 3, 2017

2016 is over so the book is closed on most transactions that will affect a client's 2016 taxes. Now that it's 2017, you'd need a time machine to make changes to 2016 tax returns. IRAs, though, are a rare exception. A 2016 IRA or Roth IRA contribution...

Year-end required minimum distribution planning alert for first-timers

December 8, 2016

The first baby boomers turned 70 ½ in 2016. The rules can be confusing for new required minimum distribution clients, so here are a few pointers to review with your first-timers. Required minimum distributions begin in the year a client turns...

Answers to advisers' top questions on IRS' late IRA rollover relief

October 14, 2016

On Aug. 24, the Internal Revenue Service issued Revenue Procedure 2016-47, providing immediate relief for most late 60-day rollovers. Here are questions advisers are asking about the new rules: Question: Can the self-certification procedure...

IRS more lenient on 60-day rollover

September 25, 2016

"IRS to the rescue!” is not a phrase you hear too often, but that's exactly what happened for millions of people with retirement accounts. On Aug. 24, the IRS released Revenue Procedure 2016-47, which provides a new and cost-free way for clients...

Will the state take your client's IRA? It can

September 16, 2016

Can the state really make off with your client's IRA? Yes! It's called escheatment and states have been using this tactic more aggressively to bring in money. In a recent private letter ruling (PLR 201611028, released by IRS on March 11, 2016),...

RMDs can create future tax savings

July 22, 2016

On July 1, the first baby-boomer turned 70½, the first of tens of millions who will become subject to dreaded required minimum distributions, or RMDs, from their individual retirement accounts or company plans. The word “required” is upsetting...

Who's keeping track of IRA basis?

June 10, 2016

When funds are withdrawn from an IRA or Roth IRA, the basis comes out tax-free, but who is tracking the basis information? Advisers can help. IRA basis is the funds in an IRA that already have been taxed, either as nondeductible IRA contributions...

Advisers beware: Another Roth IRA scam backfires

May 11, 2016

The Roth IRA abuse continues, even though virtually every court ruling knocks them down with harsh taxes and penalties. The lure of tax-free growth is powerful, and the Roth IRA is a tempting place to find that, but advisers need to warn clients...

On death, divorce and retirement

April 24, 2016

Splitting a company retirement account in a divorce generally involves a qualified domestic relations order, where the nonparticipant spouse will end up with an agreed upon portion of the other spouse's plan funds. But what happens when the...

Splitting retirement plan assets in divorce can get complicated if one spouse dies

April 15, 2016

Splitting a company retirement account in a divorce generally involves a qualified domestic relations order (QDRO), where the non-participant spouse will end up with an agreed upon portion of the other spouse's plan funds. But what happens when...

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