Results for "individual retirement accounts (IRAs)"

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Investors staged last-minute rush to Roth IRAs

January 23, 2011

Affluent clients of two large financial services companies converted billions of dollars held in conventional IRAs to Roth IRAs in 2010, particularly at the end of the year. Bank of America Corp., which executed more than 56,000 conversions...

A valuable late-year IRA extension

January 23, 2011

The Tax Relief Act of 2010 includes an extension of the qualified-charitable-distribution provision retroactive from Jan. 1, 2010, through Dec. 31, 2011. Because it was passed so late in the year and taxpayers wouldn't have much time to plan...

Rush to Roths as wealthier clients exploit new rules

January 18, 2011

Affluent investors stampeded to convert IRAs to Roth IRAs last year, particularly at the end of 2010. Last year marked the first time that taxpayers earning more than $100,000 annually could convert to Roth IRAs, which allow tax-free withdrawals....

Seniors get additional time to make 2010 IRA charitable rollovers

January 4, 2011

The legislation that extended Bush-era tax cuts included some pension protection measures that allow older Americans to make IRA charitable rollover contributions for 2010 through the end of this month. In a victory for not-for-profits, the...

Tax cuts and Roth conversions

January 2, 2011

The extension of current tax rates should have encouraged 2010 year-end Roth conversions, especially for those who had been on the fence. As most advisers know, beginning Jan. 1, 2009, everyone qualified for a conversion to a Roth individual...

Our already broken pension system is being destroyed

December 12, 2010

In yet another example of “innumeracy” when it comes to retirement adequacy, the Bipartisan Policy Center — which insists that affluent people will retire rich and don't deserve tax breaks — has proposed tackling the deficit by halving...

A year-end checklist for IRAs

November 21, 2010

In the rush of year-end activity, it's important not to forget your IRA-related to-do list. The following are some of the most overlooked year-end items. RMDs. Required minimum distributions were suspended in 2009 but are back for 2010. Most...

Guidance expected on Roth rules

November 7, 2010

Federal regulators soon will issue eagerly sought guidance to aid employers that want to amend their 401(k) plans to allow participants to roll over account balances into a Roth 401(k) plan. That rollover feature was included in a small-business...

Law creates more options for Roth rollovers

October 24, 2010

The Small Business Jobs Act of 2010 includes a provision that allows certain 401(k) and 403(b) participants to convert their plan funds to a Roth 401(k) or Roth 403(b) within the plan. Not all employees are eligible, though. The new provision...

Ramped-up IRA withdrawals this year could cut retirees' taxes next year

October 21, 2010

For U.S. taxpayers making mandatory withdrawals from an individual retirement account, 2010 may be a good year to take out more than necessary because tax rates may rise. Required minimum distributions from the accounts, which are taxed as ordinary...

Retirement issues likely a hot topic in new Congress

October 15, 2010

Regardless of which party is in control of Capitol Hill after the November elections, retirement issues are sure to rise to near the top of the congressional agenda. Robert Reynolds, president and chief executive of Putnam Investments, said...

Labor Dept. eyes reports of advisers exploiting retirees

October 10, 2010

The Labor Department is reviewing concerns raised about advisers hired by companies to advise workers about retirement decisions taking advantage of employees when they convert 401(k) money into individual retirement accounts. “We've gotten...

Automatic IRA ‘death knell of private-pension system': Attorney

October 8, 2010

Industry leaders are urging advisers to stand united against a measure in Congress that would require businesses without a retirement plan to institute an automatic individual retirement account. Even though there's a chance a federally mandated...

Dangers in using IRAs for business startups

September 26, 2010

When the Internal Revenue Service names a transaction “Robs,” that can't be good. The acronym tells us how unfavorably the IRS views these “rollover as business startup” transactions, especially if they appear to be designed to sidestep...

Avoiding Roth recharacterization traps

August 29, 2010

The Roth recharacterization provides one of the few second chances in the tax code. In essence, it's a do-over. The provision allows you to undo, or reverse, a Roth conversion, effectively treating the move as if it never happened. Any tax paid...

Advisers bullish on auto-IRA measure

August 15, 2010

Insurers, fund companies and advisers who serve small investors are likely to be big winners if the Automatic IRA Act of 2010 becomes law. Introduced in the Senate Aug. 6 by Sen. Jeff Bingaman, D-N.M., and in the House last Tuesday by Rep. Richard...

Auto-IRA bill formally proposed in Senate

August 9, 2010

After much discussion and anticipation, the Automatic IRA Act of 2010 was formally proposed Friday by Sen. Jeff Bingaman, D-N.M. If enacted, the bill could affect half of the country's working population. Under the provisions of the bill, employers...

Ed Slott: Turn lemons into Roth conversion cash

July 25, 2010

If your client wants to convert his or her individual retirement account to a Roth IRA this year but doesn't have cash from non-IRA sources to pay the tax on the conversion, consider looking at his or her capital assets. Many clients have significant...

Automatic IRAs would help retirement security, says Treasury's Iwry

June 27, 2010

The guru of federal retirement policy has high hopes for one of his yet-to-be-approved retirement creations: the automatic IRA. J. Mark Iwry, deputy assistant Treasury secretary for retirement and health policy, thinks that “millions” of...

Avoiding a big Roth conversion mistake

June 27, 2010

There is a downside to a Roth IRA conversion. Whether clients pay tax for 2010 or spread the tax burden between 2011 and 2012, they'll still owe income tax on the pretax money they move from a traditional individual retirement account or company...

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