The Age 55 Exception Rule for Early Distribution Penalty Exception
Generally, distributions that occur before the participant reaches age 59 ½ are subject to a 10% early distribution penalty, unless the participant qualifies for an
IRA Tidbits
Snippets or tidbits of useful information about IRAs.
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Annual Benefit Limit
Definition The annual benefit limit for defined benefit plans is the lesser of: A) 100% of the participant’s average compensation for his or her highest
IRS expands definition Qualified Individual, for Coronavirus-Related Distribution purposes.
The IRS issued Notice 2020-50, in which they expanded the definition of a Qualified Individual, for Coronavirus-Related Distribution purposes. A qualified individual is one who
One Per Year IRA-to-IRA Rollover Rule
An individual who takes a distribution from a retirement account may rollover eligible amounts to the same or another retirement account. As long as the
Appleby’s 2020 Employer Retirement Plan Comparison Table for Small Businesses
Updated for the SECURE Act Click here to download >> 2020 Employer Plan Comparison Table for Small Businesses (download here) This table provides a comparison
Year-End Reminder: Roth IRA Conversions
Tip by: Denise Appleby A Roth IRA conversion occurs when assets are moved from a Traditional, SEP or SIMPLE IRA to a Roth IRA. Amounts
2018 IRA & Pension Limits not Affected by Tax Cuts and Jobs Act of 2017
The IRS announced the 2018 limits for IRAs and employer sponsored retirement plans on October. 19, 2017 One of the frequently asked questions about the
ROTH IRA CHECK-UP AFTER TAX FILING DUE DATE: Correcting Roth IRA Excess Contributions
By www.RetirementDictionary.com staff Individuals may contribute to a Roth IRA only if their modified adjusted gross income (MAGI)s do not exceed a certain amount. See
Appleby Retirement Consulting Sends Comment Letter on Form 5498 to the IRS
In response to request for comments, Appleby Retirement Consulting Inc. has sent comments on Form 5498 to the IRS. Please see a copy here
IRS Requests Comments on Form 5498 IRA Contributions
Excerpt: “Abstract: Form 5498 is used by trustees and issuers to report contributions to, and the fair market value of, an individual retirement arrangement (IRA).
