Who Pays the Penalty for IRAs? 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 sub...
Rather than doing a rollover, a simpler method to transfer unused funds without tax consequences to another family member is to simply instruct the custodian of the QTP account to change the name of the beneficiary.Resources Research and Compare 529 Plans - Shop, Compare and Enroll in Section ...
Qualified plans must meet certain requirements, which are determined by tax law. Generally, the financial institution that serves as plan custodian will help the taxpayer meet the qualifications of the plan and notify the taxpayer of any updates. The following qualification rules also apply to a SI...
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...