With so much confusion about required minimum distributions from IRAs, here are some key points on how and when people age 70½ and older must begin their withdrawal.
Entries by Brian Dobbis
The good news: there’s a road map. The bad news: it generally leads to a penalty.
You don’t have to send this form to the IRS because they get a copy as well. But be sure to review it for errors and file with your records.
With this year’s tax deadline pushed to April 18, now is the time for advisors to focus on opportunities to capture both 2015 and 2016 IRA contributions.
With college costs reaching all-time highs, the IRS now allows IRA owners under age 59½ to tap their accounts for higher education expenses without penalty.
With retirement savings still playing catch-up, opportunities to grab a piece of the $7.6 trillion IRA market should be a slam dunk for advisors. A recent webinar scored from all over.
Don’t forget IRS Form 8606! Besides being the most talked about, least understood form regarding IRA reporting, it could save you from being taxed twice on your retirement savings.
Want to donate your IRA? Ten years after qualified charitable distributions (QCDs) became available, Congress has given seniors who are 70½ and older greater flexibility to do so.
Rollovers are now easier under recent legislation that gives SIMPLE IRAs full portability.