Results for "individual retirement accounts (IRAs)"

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Roth IRAs: Supersaving for college

July 26, 2015

Roth IRAs for college? Why would anyone use a retirement account to save for education expenses when there are accounts specifically designed for that? Roth IRAs add several different education savings dimensions. Here are three of them to consider....

Obama encourages statewide retirement plans

July 13, 2015

President Barack Obama has directed the Department of Labor to propose rules by the end of the year that “provide a clear path forward for states to create retirement savings programs,” he said Monday at the White House Conference on Aging....

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...

New court ruling could put retirement assets from a divorce at risk in bankruptcy

October 30, 2018

Financial advisers should reconsider how they treat retirement assets clients acquired during a divorce, following a recent lawsuit that puts them at risk during a bankruptcy, according to tax and estate experts. In this particular case, Brian...

Oregon will help other states launch own auto-IRA programs

December 17, 2018

Oregon, which recently launched a statewide program to ensure all private-sector workers have access to an employer-based retirement plan, will partner with other states that want to adopt a similar framework, with the aim of easing the launch...

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...

401(k) challenge: Plugging plan leakage when workers change jobs

February 17, 2015

Over the past decade, adoption of automatic 401(k) plan features has boosted enrollment of new participants, increased savings rates and improved investment options through target-date funds and managed accounts. But a big challenge remains:...

2010 Roth conversions are now penalty-free

February 1, 2015

This year marks an important milestone for 2010 Roth IRA conversions. Back in 2010, the Roth IRA conversion rules changed. Before then, there was an income limit for Roth conversions. If your income exceeded $100,000, you could not convert to...

IRS raises 2019 401(k) contribution limit to $19,000

November 1, 2018

The Internal Revenue Service announced Thursday cost-of-living adjustments to limits on contributions to retirement plans for 2019. The agency's limit on annual employee contributions to 401(k)s, 403(b)s, most 457 plans and the federal government's...

What the 5th Circuit decision doesn't do

April 3, 2018

By now, you have probably heard about the decision by the 5th Circuit Court of Appeals. In a nutshell, it threw out the fiduciary rule and the prohibited transaction exemptions that accompanied the rule (including the best-interest contract...

What qualifies as compensation?

December 7, 2014

A recent tax case highlights the confusion over what counts as compensation for contributing to an individual retirement account. In the case (Alex Halo v. Commissioner; T.C. Summ. Op. 2014-92; No. 23774-12S, Sept. 11, 2014), the court ruled...

Self-directed IRAs hold risks for financial advisers

December 1, 2014

The year-end tax savings crunch is here. Better make sure your clients don't get snared in a self-directed IRA scam. The North American Securities Administrators Association on Monday warned investors about the fact and fiction behind the duties...

Caution: New IRS rules for IRA rollovers come with risks for advisers

November 11, 2014

The Internal Revenue Service has published further guidance on its new one-IRA-rollover-per-year rule, but financial advisers beware: You must ask clients key questions on where their money has been or risk a snafu that could sever that relationship....

IRA funds protected in bankruptcy

November 9, 2014

An Ohio bankruptcy court recently ruled that funds withdrawn from an individual retirement account and deposited in an individual's business account were protected in bankruptcy. Despite the fact that the IRA distribution was not rolled over...

Post-tax-time IRA checkup

April 16, 2018

The due date for filing 2017 tax returns is almost behind us, other than for those clients filing extensions. Now would be a good time to do a post-tax time IRA check-up and make sure that nothing will be overlooked going forward in 2018. 2017...

IRA moves that won't get you in trouble

August 8, 2014

Earlier this year, the retirement industry was surprised by a Tax Court ruling that changed the interpretation of the number and timing of rollovers an individual retirement account owner could direct. The tax court determined that IRA rollovers...

Senior Wells Fargo exec: No FBI interviews here

March 19, 2018

A senior Wells Fargo & Co. executive Monday morning contradicted a report from last week in the Wall Street Journal that the FBI had recently interviewed employees in the bank's sprawling wealth management group, home to some 14,544 brokers...

To Roth (IRA) or not to Roth, that is the question

April 14, 2014

Although Roth IRAs have been available since 1997, changes in recent years to the U.S. Tax Code have made these retirement savings accounts more popular than ever. In 2010, higher income limits allowed larger numbers of investors, particularly...

IRS: Only one IRA rollover per year

April 13, 2014

Last month, I wrote about the case involving the so-called once-per-year IRA rollover rule (Alvan L. Bobrow, et ux., v. Commissioner, TC Memo 2014-21, Docket No. 7022-11). The Tax Court ruled that once per year means exactly that. The rollover...

Guaranteed income tops boomers' retirement wish list

April 9, 2018

Monthly guaranteed income is the most important single trait that aging baby boomers look for in a retirement investment, ranked No. 1 or No. 2 by 41% of participants in the latest annual survey of retirement expectations and preparedness conducted...

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