IRS Asked to confirm IRA assets must be held by IRA custodian-trustee
The Department of Treasury and Internal Revenue Service (Service) invite public comment on recommendations for items that should be included on the 2016-2017 Priority Guidance
IRA
Individual retirement accounts include traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Traditional and Roth IRAs are funded by the individual owner. SEP IRAs are funded by employers. SIMPLE IRAs are generally funded by employers and employees. Special tax rules apply to these accounts.
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MyRA
Definition A my retirement account (myRA), is a type of Roth IRA. With a few exceptions, the myRA bears features that are identical to a
Early distribution penalty not deductible
Tax court says that 72(t) additional tax (early distribution penalty) is not deductible. T.C. Memo. 2016-15- Robert Leon Martin v. Commissioner
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
IRS Says LOA and Verbal Instructions OK for IRA and CESA Contributions
by Denise Appleby The IRS issued private letter ruling (PLR) 201437023, allowing an IRA custodian to treat IRA contributions as received ‘timely’, if instructions are submitted
IRS (Partially) Withdraws Proposed Rule on IRA-to-IRA Rollover
In the update Hot off the Presses: IRA Rollover Rule Changes Coming, we highlighted a recent Tax Court interpretation of the one-per-year rule for IRA-to-IRA
Hot off the Presses: IRA Rollover Rule Changes Coming
As you may know, a recent Tax Court opinion, Bobrow v. Commissioner, T.C. Memo. 2014-21, held that under the one-per-year rollover rule, all of an