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
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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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
Take RMD before Converting to Roth IRA
Only amounts that are rollover eligible can be converted or rolled over to a Roth IRA. Required minimum distribution (RMD) amounts are not rollover eligible.
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
