Tag: IRA
Longevity annuities can be purchased through qualified plans and IRAs
Qualified retirement plans and IRAs are subject to the Required Minimum Distribution (RMD) rules of IRC Sec. 401(a)(9). In February 2012, the IRS issued proposed regulations removing RMD impediments to longevity annuities. Final regulations (TD 9673) have been issued, modifying...
SR Client Question: Can I withdraw from my IRA to cover medical expenses?
Typically, withdrawing from your IRA or 401(k) early means big penalty charges. However, there are two medical exceptions to the “early distribution penalty” (10% penalty for early distributions from an IRA, or other qualified pension plan): 1. Distributions due to...
IRA Required Minimum Distributions after Death
If you have an IRA, there comes a time when you will have to take required minimum distributions (RMD). You must start taking a RMD on April 1 after you turn 70 ½. The IRS has tables to determine the...
Prepare your child for 2055(!) by making an IRA Contribution
A child or teen working a summer job may be eligible to make an annual contribution to an IRA. To be eligible, the child must have earned income that could be from a full-time or part-time job, or other activity...
High wage earners can consider a “backdoor” Roth IRA contribution
High wage earning clients often have a modified adjusted gross income that is too high to enable him or her to deduct a traditional IRA contribution or contribute directly to a Roth IRA. This is a very interesting article on...
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