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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...

Strategies for delaying required minimum distributions for working clients

March 22, 2016

Clients who turned 70 ½ in 2015 must generally begin required minimum distributions by April 1, 2016. That's the required beginning date for most employees, but some people who have a company retirement plan can delay RMDs using the “still...

Tax-time Roth IRA strategies

February 19, 2016

Tax time is a good time to review Roth IRA tax strategies with your clients. One of the best deals in the tax code is a Roth recharacterization because it provides a second chance for clients to change their minds about their 2015 Roth conversions....

Track dates to save clients from new, big IRS fees

January 31, 2016

The IRS has increased its fees to request private-letter rulings (PLRs) for extensions upon missing two common retirement deadlines: 60-day rollovers and Roth recharacterizations. Effective Feb. 1, 2016, fees for requesting PLRs to extend the...

Newly improved retirement tax rules

December 30, 2015

The so-called “tax extenders package” enacted on Dec. 18 improves on some existing retirement tax rules. Advisers should be aware of these changes and notify clients who might benefit from them early in the year. Qualified charitable distributions...

Beware the early distribution penalty

December 20, 2015

Withdrawals before age 591/2 from plans and IRAs that are used to pay medical bills are generally exempt from the 10% early distribution penalty. But not all medical expenses qualify. In a recent tax case, early IRA withdrawals used to pay medical...

Attorney learns the wrong way to deduct IRA losses

November 20, 2015

Given the recent market volatility, advisers have questioned whether you can deduct losses incurred within an IRA. The answer is no. Losses as well as gains are never recognized within an IRA. That was always the case, but that didn't stop an...

How to avoid year-end RMD errors

October 25, 2015

Advisers will soon be receiving calls from clients about taking year-end required minimum distributions from IRAs and other retirement accounts. Avoid these common errors: 1. Not taking into account all retirement accounts subject to RMDs. Clients...

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