In a game-changing decision that has wide-ranging ramifications for financial advisers and tax professionals alike, the Tax Court ruled that the once-a-year IRA rollover rule applies to all of one's individual retirement accounts, not to each separately (Alvan L. Bobrow, et ux., v. Commissioner, TC
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The new relief on required minimum distributions for this year builds on previous IRS relief for RMDs in 2021, 2022 and 2023.
An offer the IRS refused! The estate owes nearly $1 million in taxes and penalties.
There’s a chance to do two 529-to-Roth rollovers this year – but only if the first one (for 2023) is done by April 15.
With the net unrealized appreciation tax break, company stock can be withdrawn from a 401(k) in a lump-sum distribution and have its appreciation taxed at capital gains rates, rather than as ordinary income.
Here are tactics to use this year given the opportunities for record stock values at the end of 2023.
