Due to “extremely low” demand and high costs, the Treasury Department announced that it is ending the myRA retirement savings program.
The IRS could not recharacterize, under the substance-over-form doctrine, commissions paid by a DISC to two Roth IRAs as dividends..
The IRS self-certification procedure allows taxpayers who fail to meet the 60-day rollover requirement to claim eligibility for a waiver.
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
This column addresses issues facing IRA trustees.
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
The opportunity to get more assets into Roth vehicles via various means has evolved over the last several years.
This article details notable developments in the PPACA and tax-qualified retirement plans.
Treasury said eligible individuals nationwide may now open a new retirement account for people with earned income who may lack access to an employer-sponsored retirement plan.
Because of low inflation this year, many limits remain unchanged, but some are increasing.
Retirement accounts are subject to numerous and, often, complicated rules, and the penalties for failing to comply with these rules can be substantial.
The IRS clarified how the change in the way it interprets the statutory one-rollover-per-year rule for individual retirement arrangements affected 2014 rollovers and how the rules apply in 2015.
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for IRAs will affect 2014 rollovers and how the rules will apply starting in 2015.
The IRS provided rules on how to allocate pre- and after-tax amounts distributed from IRAs, including Roth IRAs, to multiple destinations.
The IRS withdrew proposed regulations that provided that the one-rollover-per-year rule for IRAs applies on an IRA-by-IRA basis.
Final regulations issued permit IRA and qualified plan participants to enter into longevity annuities, using a certain amount of their account balances, without having these amounts count for calculating required minimum distributions.
The U.S. Supreme Court held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate.
To settle the question of whether the limitation on rolling over one IRA per year under Sec. 408(d)(3)(B) applies to taxpayers on an aggregate basis or on an IRA-by-IRA basis, the IRS announced it will follow the a recent Tax Court's recent decision, applying the rule on an aggregate basis, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one rollover per year.
Potential entrepreneurs need to be aware of the tax complexities of using retirement funds as startup capital.
The Tax Court held that where a taxpayer distributed and within 60 days repaid funds from two separate IRAs within a one-year period, only the first distribution and repayment was a nontaxable rollover.