You are generally responsible for paying the penalty on IRAs, including those for excess contributions. In some cases, your IRA custodian or plantrusteeis now allowed to pay the penalty on your behalf as long as there are enough funds in the account. When submitting a distribution request, you...
1.4 The Custodian and its affiliates will not serve as a Trustee, Plan Administrator, Named Fiduciary or Third-Party Administrator for the Plan. Neither the Custodian nor its affiliates shall have any duty, obligation or responsibility for the administration of the Plan or its qualification under t...
A qualified longevity annuity contract (QLAC) is a special type of longevity annuity purchased in an IRA or a qualified retirement account such as a 401(k). Lifelong income payments are delayed until the contract owner reaches an advanced age (up to age 85). Because the annuity income is ...
The rollover must be a direct trustee to trustee transfer from the 529 plan to the Roth IRA. The 529 plan account must exist at least 15 years before transfers can be made. Contributions and earnings from those contributions from the previous 5 years cannot be transferred. Annual IRA contribut...
I have an IRA with both pre-tax and non-deductible contributions. The custodian firm doesn't have my cost basis back to 1988 when I started making non-deductible contributions. They said if I transfer the money in my IRA to an immediate annuity they would report it as all pre-tax money...