This month and next, help your clients by advising them to use a 2008 Roth IRA conversion to take advantage of the stock market decline.
The bailout bill, known as the Emergency Economic Stabilization Act of 2008, contains many little-known provisions, including the retroactive extension of the IRA charitable rollover.
For financial advisers who want to help clients take advantage of a down market, mark Oct. 15 on your calendar.
Worries about bank failures and the stability of other financial institutions are all over the news lately.
The new Heroes Earnings Assistance and Relief Tax Act of 2008 contains several retirement plan provisions for military service personnel that financial advisers must know about.
Do you know as much about retirement distribution planning as your clients and prospects?
Some taxpayers who requested a direct deposit of their tax refund into an individual retirement account may be in for unpleasant surprises.
Financial advisers should be aware of a new IRS ruling that recently saved the day for an IRA beneficiary and may help your clients.
Providing guidance on the provision of the Pension Protection Act of 2006 that now allows a plan participant to convert a plan balance directly to a Roth IRA, the Internal Revenue Service has issued a set of new rules (Notice 2008-30).
Some clients love IRAs so much that they create problems by contributing more than they should.
If you're looking for a muddle, consider the status of the rule on non-spouse direct rollovers from company plans under the Pension Protection Act of 2006.
Beginning this year, a provision of the Pension Protection Act of 2006 allows participants to convert funds in 401(k)s and other company plans directly to a Roth IRA.
The Pension Protection Act of 2006 included a provision that would permit non-spouse plan beneficiaries to transfer assets directly from the plan to a properly titled inherited individual retirement account.
Early withdrawals from retirement accounts should be discouraged. Withdrawals reverse the retirement savings process, and early distributions are the most expensive type, as they are subject to both income tax and the 10% early withdrawal penalty.
While recent stock market declines may worry some investors, those with stocks and funds in their individual retirement accounts can take advantage of current market volatility by making key moves.
If your client is charitably inclined and has an individual retirement account that is subject to required minimum distributions (over age 70½), it pays to make a direct transfer to the charity from the IRA, rather than using other funds for their donations. There is no charitable deduction permitted, but the distribution isn’t included in income.
This is the time of the year that most individual retirement account contributions are being made, but they may or may not be deductible. If you are active in a company plan, and your income exceeds certain amounts, then you cannot deduct your IRA contribution. If you are not an active participant, then you can deduct your IRA contribution regardless of your income.
Transfers to non-spouse company retirement plan beneficiaries under the Pension Protection Act of 2006 are effective for 2007 (InvestmentNews, Jan. 29), but it turns out there may be problems and challenges in obtaining the intended benefits.
