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.
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.
Potential entrepreneurs need to be aware of the tax complexities of using retirement funds as startup capital.
The IRS announced it will follow the recent decision in Bobrow, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one IRA rollover per year.
The Tax Court held that the taxpayers’ guarantees of a loan made to a company owned by the taxpayers’ IRAs were prohibited transactions that caused the accounts to cease to be IRAs.
This article examines the formulas provided by the IRS as safe-harbor methods for calculating the SEPP amount.
This item outlines steps that can be taken to stretch the 60-day IRA rollover window to 300 days without violating the 12-month rule.
The IRS has announced that taxpayers who had their economic stimulus payments deposited directly into a tax-favored account can generally withdraw amounts up to the amount of that payment tax free and penalty free until the due date of their 2008 income tax return, including extensions.
A self-directed IRA is simply an account in which the custodian agrees to allow the taxpayer to exercise greater control over investment decisions.
A is the sole primary beneficiary in E’s retirement plan, X. Prior to E’s death, the sponsors resolved to terminate X. E completed a “Termination Distribution Form,” selecting a direct rollover option to Y (his preexisting IRA), also naming A as the sole beneficiary. However, the rollover was not accomplished