Pension plans can be defined benefit plans, which promise a fixed amount of retirement income based on factors such as salary and years of service, or defined contribution plans, which specify the contributions
…supporters of the tax claim that it would only apply to…less than 1 per cent of the population. That may sound reassuring to ordinary voters … until they realise that the first income tax back in 1913 also applied to less than 1 per cent of households. Yet that “tax on the rich...
If your annuity was funded with Roth IRA monies, and you have adhered to the requirements as set out by the IRS (maintaining the account for a minimum of 5 years and you have attained age 59-½), then all withdrawals are taken tax-free....
Northwestern University, the Sixth Circuit held this past summer that ERISA does not give the courts any type of broad license to second-guess the investment decisions of retirement plans. In this case, the plaintiffs were participants who claimed the plan breached their fiduciary duties by ...
Global Asset Management: Specialized handling of returns for individuals with international holdings including: Foreign properties and real estate Overseas retirement investments (IRA, 401K) Family trusts outside India International shares, securities, ESOPs, and RSUs Special Disclosures: Management of stateme...
With respect to liquid assets, the recipient should be allowed a full income-tax deduction if he rolls the gift or bequest into a deductible IRA. The combination of these simple rules would be much more equitable than our current system, and it would prevent people from having to sell ...
tax-free distributions. The first is the same as the Roth IRA: the account must have been open for at least five tax years. The second requires the account holder to be at least 59½ years of age, permanently disabled, or taking withdrawals from an inherited account. Whether or not you...
The Taxpayer Relief Act of 1997 (TRA) included provisions that reduced capital gains taxes (taxes on gains in value of equities, properties, or other holdings) on equities held for more than 18 months; created the Roth IRA, which allowed investors to withdraw their original investment from an...
Very Simple Assumptions Annual gross salary is $20,000. Income tax is 25% of gross income. There is no interest charged on any loans, as I’m just trying to isolate the issue of double-taxation. There is no growth in the funds, either. He doesn’t need to eat or sleep, so no ot...