a trust must be valid under state law and must have identifiable beneficiaries. In addition, the IRA trustee, custodian, or plan administrator must receive a copy of the trust instrument. If a qualified trust is not structured correctly, disbursements...
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...
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 ...
Form 5329 is an attachment to the federal income tax return that must be filed by taxpayers who owe a penalty related to their use of a tax-advantaged retirement savings plan such as an IRA or 401(k) or any other tax-advantaged plans such as the Health Savings Account (HSA) and the ...
What if I Make a Contribution for Which I Am Ineligible or ChangeMy Mind About the Type of IRA to Which I Wish to Contribute? Reliance as a Safe HarborFor purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not ex...
1.3 The Account will be linked to a non-transactional plan account. The plan account will be used for the Custodian’s administrative purposes only, such as maintaining plan information or linking related accounts maintained in connection with the Plan, and cannot be used for contributions, distrib...
The funds must be transferred directly from your IRA custodian to the qualified charity. Arrange to have your IRA custodian issue a check from your IRA that’s payable to the charity. You can then request that the check be mailed to the charity, or you can do it yourself. Conversely, if...
The Custodian shall vote with the management of the Investment Company on each proposal that the Investment Company’s Board of Directors has approved unanimously. If the Investment Company’s Board of Directors has not approved a proposal unanimously, the Custodian shall vote in proportion to all ...
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...