Qualified charitable distributions (QCD) Extended for 2014
QCD Extended under H.R. 5771: Tax Increase Prevention Act of 2014 (the 2014 “Tax Extenders” bill) extended the qualified charitable distributions (QCD) provision to December
401K
A tax-deferred employer-provided retirement savings account, to which eligible employees may defer part of their salary. Salary deferral can be pre-tax or post-tax include Roth 401(k)s.
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Nondeductible IRA Contribution
Definition An IRA contribution for which no tax-deduction is allowed or claimed (nondeductible). Eligibility for Nondeductible IRA Contribution An individual who is not an Active
IRA Bankruptcy Limit Increase
Under The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, assets held in IRAs are exempted from bankruptcy up to $1 Million. This limit
Qualified Charitable Distributions Extended under the Fiscal Cliff Bill- H.R.8.
QCD Extended under “fiscal cliff bill”. H.R.8. American Taxpayer Relief Act of 2012 (the “fiscal cliff bill”) extended the qualified charitable distributions (QCD) provision to
Plan Sponsor
Definition A plan sponsor is the employer or entity that establishes a retirement plan for employees. Referring Cite §3(16)(B) of the Employee Retirement Income Security
Lessons from Recent Tax Related Rulings on IRAs
As the tax season approaches, many taxpayers are diligently gathering documents in preparation for filing their tax returns. However, as we know, even painstaking preparation
IRS Issues PLRs on IRAs
New Private Letter Rulings: The IRS has issued several private letter rulings (PLR) on matters related to IRAs and other retirement accounts. The following are
Deadlines: October
Please mark your IRA calendar with the following deadlines October 1 If you own your own business, and you are thinking of starting a SIMPLE
District Court: Inherited IRAs Protected in Bankruptcy
In Brandon Clark, 2012 DC W The Bankruptcy Court for the Western District of Wisconsin denied the claim of exemption from bankruptcy for an Inherited
Estate Beneficiary of IRA: IRS Allows Transfers to Inherited IRAs for Beneficiaries of Estate
“ In private letter ruling (PLR) 201208039, the estate of the deceased IRA owner was the named beneficiary of the IRA. However, the IRS ruled