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
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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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
Year-End IRA Tip: Roth IRA Conversions
If you want to complete a Roth conversion this year, it must be done by December 31. Bear in mind that a Roth conversion is
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
IRS Allows Spousal Rollover: Trust Beneficiary
“ The IRS has issued the applicable federal rate (AFR) for October. Among other things, these rates are uses to calculate substantially equal period payments
Most Americans Not Using IRAs
“ “ “March 26, 2012 — Only 22% of Americans say they are saving for retirement by contributing to an individual retirement account (IRA), according
RMDs for Multiple Retirement Accounts
RMD Aggregation Rules If you have multiple retirement accounts, you might be able to take the required minimum distribution (RMD) for multiple of those accounts
