What is the 5-Year Rule for beneficiaries?
Definition For beneficiaries who inherit retirement accounts, a common question asked is “What is the 5-Year Rule for beneficiaries?” The beneficiary five-year rule is the
401K
A tax-deferred employer-provided retirement savings account, to which eligible employees may defer part of their salary. Salary deferral can be pre-tax or post-tax include Roth 401(k)s.
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What is a Qualified HSA Funding Distribution (QHFD) ?
A Qualified HSA Funding Distribution (QHFD) , also referred to as: Qualified Funding Distribution (QFD) , HSA Funding Distribution (HFD),and Qualified health savings account (HSA) Funding
IRS Announces IRA and Plan Limits for 2021
IRS Announces IRA and Plan Limits for 2021 The IRS issued Notice 2020-79 in which they provide retirement plan limits for 2021. Only some of the limits
Do you qualify for the Qualified Individual-Coronavirus-Related Distribution? Learn if you do.
Qualified Individual- Coronavirus-Related Distribution A qualified individual is one who is eligible to take a coronavirus-related distribution, and maybe any of the following: An individual:
What is a Coronavirus-related distribution?
A coronavirus-related distribution (CRD) is one that is permitted to be taken by qualified individuals from January 1, 2020 and before December 31, 2020. The
New IRS PLR Resolves Yet Another Failure to Designate a Beneficiary for a Retirement Account
Recently issued private letter ruling (PLR) 201821008 is yet another case of a failure to properly designate a beneficiary of a retirement account. Read about
IRS Extends 60-Day Rollover Deadline: PLR No. 201709023
The IRS extended the 60-day deadline for a taxpayer, whose children applied for the waiver, citing medical issues, specifically , that the IRA owner showed
IRS Provides VCP Submission Kit for plan sponsors who failed to adopt a new Pre-Approved Defined Contribution Plan by the April 30, 2016 Deadline
The IRS has provided a voluntary correction program (VCP) Submission Kit for plan sponsors who failed to adopt a new Pre-Approved Defined Contribution Plan by
IRS Asked to confirm IRA assets must be held by IRA custodian-trustee
The Department of Treasury and Internal Revenue Service (Service) invite public comment on recommendations for items that should be included on the 2016-2017 Priority Guidance
Early distribution penalty not deductible
Tax court says that 72(t) additional tax (early distribution penalty) is not deductible. T.C. Memo. 2016-15- Robert Leon Martin v. Commissioner
