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 ...
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...
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 a distribution is payable to you, it doesn’t qualify as a QCD and will be treated...
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 ...
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...