At times, it’s worth deviating from a strategy to save on taxes.
Most traditional IRA investors start with rollovers.
Roth IRAs offer significant tax benefits, but these transactions are on the Internal Revenue Service's radar.
New self-certification procedure will enable some investors to issue their own hardship waivers of the 60-day rollover deadline.
Share these timely IRA reminders with your clients and their CPAs.
Plus: Investor.gov is looking out for you, there's a reason we've had so few IPOs this year, and take seven minutes and get your heart pumping
A fully-qualified inherited Roth IRA is the holy grail of estate planning because Roth distributions on inherited Roth IRA ’s are completely income-tax free in accordance to regular Roth IRA rules , giving them a major advantage of an inherited Traditional IRA or 401k, and surviving spouses can elect to treat the inherited Roth IRA as their own, meaning no required minimum distributions (RMDs). However, inherited Roth’s do unfortunately count for estate tax purposes. In regard to paying income tax, there are two exceptions that can effect the tax-ability of the Roth IRA after the death of the account holder: As a rule, the 10% penalty for early distribution does not apply in this case, unless the spouse of the deceased opts to handle the Roth IRA as his or her account and then takes an early withdrawal
These errors can jack up tax--and opportunity--costs.