While the IRS guidance in Notice 2024-63 has addressed many of the uncertainties surrounding Section 110 of SECURE 2.0, there remains a need for plan sponsors to approach implementation thoughtfully. With further respect to this, employers may also want to consider options o...
IRS Provides New Guidance on How to Correct 401(k) Plan DefectsC. Baird Brown
As while Designated Beneficiaries, in general, must be a living, breathing human being, some trusts could also qualify to be treated as Designated Beneficiaries, provided that they meet certainrules outlined by the IRS in Treasury Regulation 1.401(a)(9)-4, Q&A-5. Such trusts, ...
you are taxed on the weighted avg of ALL of your traditional IRAs so if you have some existing traditional IRAs (let’s say from previous 401k rollovers) then you will be taxed. You can’t just open up a new IRA, contribute after-tax, and then convert to Roth. The IRS looks...