Qualified Charitable Distribution (QCD)
Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches
IRA Distributions
Amounts are withdrawn from IRAs. Distributions are included in the recipient’s income unless properly rolled over
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SECURE Act Updates
How Secure 2.0 Helps Protect Investors From Penalties and Excise Taxes
How Secure 2.0 Helps Protect Investors From Penalties and Excise Taxes? Learn what your clients should know about key tax saving provisions covered in SECURE
Excess accumulation penalty (RMD excise tax)
Definition 50% excise tax that is applied to required minimum distribution (RMD) amounts that are not distributed from the retirement plans by the applicable deadline.
Tax Court Provides Solution for Untracked Tax-Free IRA Balances : Using the Cohan Rule
Denise Appleby explains how to avoid double taxation of otherwise untracked basis in IRAs, using the Cohan Rule. IRA owners can find themselves paying income
IRA Distributions
New Rules For Correcting IRA Excess Contributions-Gary Lesser Explains
“The IRS, the Code, and regulations thereunder, have always been clear, at least until recently: an individual has up until his or her return deadline,
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 Denies 60-Day Waiver Request: IRA Custodian Not Telling IRA Owner About The 60-Day Rollover Rule Is Not A Valid Excuse For Missing The Deadline
IRS Denies 60-Day Waiver Request: IRA Custodian Not Telling IRA Owner About The 60-Day Rollover Rule Is Not A Valid Excuse For Missing The Deadline-
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
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
