FIVE-YEAR RULE: WHEN DOES IT APPLY?
If you inherit an IRA, especially a large one, you may be afraid of being stuck with the five-year distribution rule. If this rule applies, you must empty the IRA in five years, resulting in a severe tax hit. When Does the Five-Year Rule Apply? If an estate is a [...]
COMING SOON TO YOUR 401K STATEMENT
Individuals who participate in 401k plans, or particular 403b plans, should see something new on their following quarterly statement for the period ending on June 30, 2022. For the first time, your 401k statement must include annuity illustrations of the monthly payments you would receive if you used your 401k [...]
ONE ROTH IRA BUCKET
One Roth IRA bucket is clearly defined with strict ordering rules. There is no need to maintain separate Roth IRA accounts if you don’t want to because the IRS sees it all. SCENARIO: John owns multiple Roth IRAs. He believes it is necessary to maintain all these accounts to keep [...]
EXCESS IRA CONTRIBUTION: 5 OCCURRENCES
You can have too much of a good thing. While saving for retirement with an IRA is a good strategy, there are limits. When a contribution is not allowed in an IRA, it's referred to as an excess contribution and it will need to be corrected. Here are five ways [...]
THE SECURE ACT:
Here’s What It Means For You
On December 20, 2019, a $1.4 trillion spending bill was signed into law in order to keep the government running. Tucked away inside this mammoth piece of legislation was the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This law includes significant changes to retirement accounts. How will it affect you and your retirement savings?
ED SLOTT’S LIBRARY:
… In 5 Easy Steps – Guides
Pharmaceutical Benefit Planning
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