Tag: IRA
IRS announces 2018 pension plan limitations; 401(k) contribution limit increases to $18,500 for 2018
The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights of Changes for 2018: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans,...
Understanding the 72t distribution (SOSEPP)
A 72t distribution is shorthand for the Internal Revenue Code (IRC) Section 72, part t. The most popular provision of this code section is known as a Series of Substantially Equal Periodic Payments (SOSEPP) and is a method by which...
IRS announces 2018 pension plan limitations
The Internal Revenue Service issued the annual cost of living adjustments Thursday for 401(k) contributions, pension plans and other retirement-related matters. The contribution limit for workers who are enrolled in 401(k), 403(b), most 457 plans, and the federal government’s Thrift...
Is your tax-free IRA really tax-free?
According to a recent article in The Wall Street Journal, taxpayers should beware that as IRAs grow in size, so does the potential for taxes on these accounts if they have investments in alternative assets such as hedge funds, private-equity...
Q&A: Qualified charitable distributions
What is a qualified charitable distribution? Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid...
IRS announces 2017 pension plan limitations
The IRS recently announced that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan remains $18,000 for 2017, and the catch-up contribution limit for those 50 and...
IRS issues new procedure for IRA and retirement plan rollovers
Last month, the IRS issued a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Previously, taxpayers who...
Guest Author Lisa Zimmer: The final fiduciary rule has arrived . . . finally
The Department of Labor (DOL) on April 6, 2016, issued the highly anticipated final fiduciary rule. While the essence of the final rule remains the same as the rule proposed last year, it has been tweaked to address, or eliminate,...
Is it possible for your IRA to pay federal income tax?
Yes! If the IRA invests in a certain type of partnership, the ordinary partnership income can be subject to federal income tax at the IRA level, not the individual level. The type of partnership is a publicly traded partnership (PTP)...
Rollover your IRA before Jan. 1, 2015
Thinking about rolling over your IRA? You may want to do it before January 1, 2015. Currently, taxpayers are allowed to roll over their IRA funds into another qualified IRA account tax free as long as all of the following...
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