Results for "individual retirement accounts (IRAs)"

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Take a fresh look at Roth conversions

February 17, 2013

Now that we finally know the tax laws for this year, it is time to sit down with clients and re-evaluate their financial and tax plans. Some may be relatively unaffected by the American Taxpayer Relief Act of 2012, while others may require adjustments....

Qualified charitable distributions return

January 20, 2013

As expected, Congress has renewed the special tax break for charitable individual retirement account rollovers, known as qualified charitable distributions. QCDs apply only to IRA owners and beneficiaries 701/2 or older who make a direct transfer...

A better retirement withdrawal strategy — from the tax man

October 21, 2012

Uncle Sam may have helped crack the code for the optimal income withdrawal percentage in retirement. The Internal Revenue Service's formula for required minimum distributions — the amount that individual retirement account holders and participants...

The $300,000 beneficiary form blunder

October 14, 2012

Stepchildren might not have the same legal standing as biological children if beneficiary forms don't make that clear. In a recent case, the 5th U.S. Circuit Court of Appeals ruled that a plan administrator didn't abuse her discretion in concluding...

Deadline for Roth conversions is near

September 16, 2012

For clients who made Roth IRA conversions last year, Oct. 15 is the last day that they can undo those conversions via a Roth re-characterization. If the value of the Roth individual retirement account has declined substantially, it often makes...

How Mitt Romney dramatically lowers his tax bill

August 27, 2012

Republican presidential candidate Mitt Romney and his wife, Ann, have used sophisticated estate- planning techniques for more than a decade to minimize taxes and amass at least $100 million for their family outside of their estate. The couple...

Not all disasters are equal, taxwise

August 19, 2012

Hurricane season is here, but not all hurricanes are alike, according to the Tax Court. In a recent case (Carter v. Commissioner, T.C. Summ. Op. 2012-33, April 17) the court ruled that a couple owed the 10% early-distribution penalty for a withdrawal...

Are retirees better off than we think? Data says yes

August 6, 2012

American retirees may be better off financially than a key federal reports indicates. The Census Bureau's Current Population Survey (CPS), one of the primary sources of income data, greatly underreports distributions from IRAs, 401(k)s and other...

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:...

Cohan: The mystery of Mitt Romney's magic IRA

July 16, 2012

The most mysterious of the unexplained mysteries about Mitt Romney's considerable wealth is how he was able to amass between $21 million and $102 million in his individual retirement account during the 15 years he was at Bain Capital LLC. How...

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...

New tax law provides opportunity for tax-rate arbitrage on Roth IRAs

February 15, 2018

The new, lower 2018 tax rates have made Roth IRA planning more valuable for your clients. These lower rates provide a limited opportunity to help some clients profit from tax-rate arbitrage by capitalizing on the spread between 2017 and 2018...

Cost analysis could end DOL proposal

April 29, 2012

Opponents of a pending Labor Department rule that would increase standards for investment advice for retirement plans have insisted that the agency conduct a cost-benefit analysis before proposing a regulation. The difficulty that the Labor...

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...

Industry groups to DOL on fiduciary data collection: Sorry, we can't help

February 27, 2012

After meeting with Labor Department officials to clarify a request for data related to individual retirement accounts and getting two extensions on a deadline for providing the material, industry groups are telling the agency: Sorry, we can't...

Pensco pulls off 'game changer' of an acquisition

February 26, 2012

Pensco Trust Co. is buying Lincoln Trust Co.'s IRA business. The deal, expected to close next month, will boost Pensco's individual retirement account assets to more than $10 billion, from $4 billion, the company said. The purchase will also...

IRA business to boom, but advisers won't see much of it

January 30, 2012

Rollovers into individual retirement accounts will take a bigger share of the retirement market in coming years, with large record keepers such as Fidelity Investments, TIAA-CREF and The Vanguard Group Inc. reaping the benefits. Assets in the...

FSI to Labor Dept.: We'll send IRA info ASAP

January 30, 2012

The Labor Department still wants reams of information from the Financial Services Institute Inc. on individual retirement accounts, but the agency has given the group a little slack in turning in the data. The FSI, an advocacy group for independent...

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...

When decisions are impaired by disability

January 22, 2012

In following self-imposed restrictions on her IRA distributions, a bipolar investor recently learned from the IRS that her actions would not cause any adverse tax consequences. Here's the story: “John” and “Jane” got divorced, and as part...

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