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Tax stimulus may cause IRA headache
Some taxpayers who requested a direct deposit of their tax refund into an individual retirement account may be in for unpleasant surprises.
Stretch IRA saved by IRS ruling
Financial advisers should be aware of a new IRS ruling that recently saved the day for an IRA beneficiary and may help your clients.
New rules permit plan balance shift
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).
Don’t overdo annual contributions
Some clients love IRAs so much that they create problems by contributing more than they should.
Non-spouse rollover muddle lingers
If you're looking for a muddle, consider the status of the rule on non-spouse direct rollovers from company plans under the Pension Protection Act of 2006.
Roth conversion opportunities
Beginning this year, a provision of the Pension Protection Act of 2006 allows participants to convert funds in 401(k)s and other company plans directly to a Roth IRA.
A reversal of policy on rollovers
The Pension Protection Act of 2006 included a provision that would permit non-spouse plan beneficiaries to transfer assets directly from the plan to a properly titled inherited individual retirement account.
Don’t make early-withdrawal mistakes
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
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.
Legacy Financial closes shop
Brokers run afoul NEW YORK — Another independent broker-dealer has shut its doors, months after one…
IRA charitable contributions a one-time tax break
If your client is charitably inclined and has an individual retirement account that is subject to required minimum distributions (over age 70½), it pays to make a direct transfer to the charity from the IRA, rather than using other funds for their donations. There is no charitable deduction permitted, but the distribution isn’t included in income.
The plan participant who was ‘active’ but not eligible
This is the time of the year that most individual retirement account contributions are being made, but they may or may not be deductible. If you are active in a company plan, and your income exceeds certain amounts, then you cannot deduct your IRA contribution. If you are not an active participant, then you can deduct your IRA contribution regardless of your income.
Unexpected trouble on direct non-spouse rollovers
Transfers to non-spouse company retirement plan beneficiaries under the Pension Protection Act of 2006 are effective for 2007 (InvestmentNews, Jan. 29), but it turns out there may be problems and challenges in obtaining the intended benefits.
