Results for "IRA Alert"

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4 warnings about using back-door Roth IRAs

March 15, 2018

More of your high-income clients can now move funds to Roth IRAs by using the so-called "back-door Roth" strategy. Unlike traditional IRA contributions, Roth IRA contributions have income limits, but this strategy allows funds to be moved to...

New tax law provides opportunity for tax-rate arbitrage on Roth IRAs

February 15, 2018

The new, lower 2018 tax rates have made Roth IRA planning more valuable for your clients. These lower rates provide a limited opportunity to help some clients profit from tax-rate arbitrage by capitalizing on the spread between 2017 and 2018...

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...

Why aren't clients using QCDs? Help them!

January 17, 2018

The Tax Cuts and Jobs Act is in effect. You can help clients take advantage of tax savings with their IRAs —this is why they have you as an adviser. As far as tax savers go, this one is simple. Use qualified charitable distributions (QCDs)...

Avoid year-end RMD errors on retirement plans

December 5, 2017

Advisers should be taking these last weeks of 2017 to make sure that there are no oversights when it comes to required minimum distributions (RMDs) from IRAs and company retirement plans. Remind clients that there is a 50% penalty for missing...

Gotham's retirement loan disasters

August 28, 2009

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. One case involved Vincent Marquez,...

Think twice before deducting IRA losses

March 1, 2009

It's tax time, and more advisers are being asked by clients whether losses incurred in individual retirement accounts are deductible. The simple answer, of course, is that there is never a deduction for losses within an IRA. Just as the owner...

Distribution holiday has its complications

February 1, 2009

No required minimum distributions for 2009. That will certainly reduce the tax bite for millions of retirees and their beneficiaries — at least, for this year. The tax relief sounds easy, but as with any new tax law, along with the tax savings...

It is time for IRA conversions

November 16, 2008

This month and next, help your clients by advising them to use a 2008 Roth IRA conversion to take advantage of the stock market decline. That will be the case for clients who meet these two criteria: They have traditional individual retirement...

Charitable-IRA rollovers are back

October 19, 2008

The bailout bill, known as the Emergency Economic Stabilization Act of 2008, contains many little-known provisions, including the retroactive extension of the IRA charitable rollover. If you have clients 701/2 or older who are individual retirement...

October Roth IRA opportunities

September 22, 2008

For financial advisers who want to help clients take advantage of a down market, mark Oct. 15 on your calendar.  That is the last date for re-characterizing, or undoing, a Roth IRA conversion from the previous year. An example illustrates why...

Safeguarding IRAs in difficult times

August 25, 2008

Worries about bank failures and the stability of other financial institutions are all over the news lately. Clients with individual retirement accounts at a bank might be concerned about them. But retirement accounts are federally insured up...

A tax break for the military

July 28, 2008

The new Heroes Earnings Assistance and Relief Tax Act of 2008 contains several retirement plan provisions for military service personnel that financial advisers must know about. The act made permanent an exception to the 10% early-distribution...

When clients are knowledgeable

June 23, 2008

Do you know as much about retirement distribution planning as your clients and prospects? You'd better hope so. If not, you will lose those clients; maybe not now, but very soon. Consumers are getting smarter. In recent seminars I've conducted,...

Tax stimulus may cause IRA headache

May 26, 2008

Some taxpayers who requested a direct deposit of their tax refund into an individual retirement account may be in for unpleasant surprises. What they might not know is that by requesting the direct deposit option, any tax rebate — including...

Don't make early-withdrawal mistakes

October 22, 2007

Early withdrawals from retirement accounts should be discouraged. Withdrawals reverse the retirement savings process, and early distributions are the most expensive type, as they are subject to both income tax and the 10% early withdrawal penalty....

Roth IRA strategies for a rocky market

September 24, 2007

While recent stock market declines may worry some investors, those with stocks and funds in their individual retirement accounts can take advantage of current market volatility by making key moves. If your clients’ IRAs have taken a hit and...

Changes in estate planning

January 4, 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 comes at a time when the values of many estates...

Stretch IRA saved by IRS ruling

April 28, 2008

Financial advisers should be aware of a new IRS ruling that recently saved the day for an IRA beneficiary and may help your clients. The decision involved a "stretch individual retirement account," which allows a designated IRA beneficiary —...

New rules permit plan balance shift

March 31, 2008

Providing guidance on the provision of the Pension Protection Act of 2006 that now allows a plan participant to convert a plan balance directly to a Roth IRA, the Internal Revenue Service has issued a set of new rules (Notice 2008-30). In some...

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