IRS rulings clarify IRA distribution rules.Whitney, E. Kenneth
Required minimum distributions are mandatory for traditional IRAs, starting at age 72, but do not apply to Roth IRAs. Introduction IRS Publication 590 provides extensive information on the tax implications of Individual Retirement Accounts (IRAs). The publication explains the various types of IRAs you...
When you do an IRA transfer, you're effectively moving your money between two similar accounts, so from an IRA account into another. For instance, you may decide to move your IRA from Firm A to an IRA account with Firm B. In this case, the account type doesn't change but theinstituti...
Tags: 401(k), age 73, IRS, life expectancy tables, required minimum distribution, retirement, retirement savings, RMD, tax, tax-deferred retirement savings, taxes, traditional IRA, workplace retirement plan Form 1099-K to be issued for 2024 marketplace earnings of more than $5,000 Sunday,...
Those who hire independent contractors should file Form 1096 with their taxes when reporting non-employee compensation to the IRS by mail.
Simple IRA Plans A simple IRA is also a small business IRA-based plan with a simplified method for employers to make direct contributions toward their employees’ retirement and their own retirement. Employees may choose (not mandatory) to make regular elective contributions, while their employer ma...
distributions that are rolled over in an in-plan Roth rollover in 2010 may be included ratably in gross income in 2011 and 2012 under a special rule, unless the taxpayer irrevocably elects to include the income in 2010. Mandatory 20 percent withholding will not apply to in-plan Roth direct...
Goldberg, Seymour
IRS Rules that Surviving Spouse May Roll Over Qualified Plan and IRA Distribution Even Though Trust Was Named as Beneficiary.Reports that a surviving spouse may roll over a qualified plan and individual retirement account distribution even though a trust was named as beneficiary in the U.S. ...