Important Trust Deadline Approaching
For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest …
Tax Tips
Penalty-free IRA Distributions for First Home Purchase
Despite the COVID-19 pandemic, or maybe even because of it, real estate markets in many areas of the country are busy right now. If you are considering jumping in, and …
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IRS Expands Eligibility for CARES Act Retirement Distributions
Notice 2020-50 includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as “qualified individuals”) and provides guidance and examples on how qualified individuals will reflect the …
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Correcting Retirement Transactions and Those That Are Lost
FIX: Rolling Over the Tax Withheld on a Distribution. Was the mandatory tax of 20% withheld on your work plan withdrawal even though you intended to roll over the entire …
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CRDs and Roth Conversions: Abuse of the Rules?
The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw …
Rolling Over an RMD
Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the …
Tapping Into Retirement Accounts if Not Directly Impacted by COVID-19
It’s common for IRA owners to leave their assets to multiple beneficiaries – for example, their children. Before the SECURE Act, it usually made sense to split the IRA into …
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COVID-19 Relief for Retirement Accounts
As the coronavirus pandemic has spread, many Americans have been hit hard. Their retirement accounts have also taken a serious blow as markets have plummeted. In these tough times, there …
Retirement Savings in a Volatile Market: Is Now the Time for a Roth IRA Conversion?
The coronavirus has been wreaking havoc on markets and millions of retirement account balances have suffered significant losses. This has left many IRA owners looking at lower account balances after …
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Splitting IRAs After the SECURE Act
It’s common for IRA owners to leave their assets to multiple beneficiaries – for example, their children. Before the SECURE Act, it usually made sense to split the IRA into …