Qualified charitable distributions (QCD) Extended for 2014
QCD Extended under H.R. 5771: Tax Increase Prevention Act of 2014 (the 2014 “Tax Extenders” bill) extended the qualified charitable distributions (QCD) provision to December
IRA Distributions
Amounts are withdrawn from IRAs. Distributions are included in the recipient’s income unless properly rolled over
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Take RMD before Converting to Roth IRA
Only amounts that are rollover eligible can be converted or rolled over to a Roth IRA. Required minimum distribution (RMD) amounts are not rollover eligible.
Qualified Charitable Distributions Extended under the Fiscal Cliff Bill- H.R.8.
QCD Extended under “fiscal cliff bill”. H.R.8. American Taxpayer Relief Act of 2012 (the “fiscal cliff bill”) extended the qualified charitable distributions (QCD) provision to
Year-End IRA Tip: Roth IRA Conversions
If you want to complete a Roth conversion this year, it must be done by December 31. Bear in mind that a Roth conversion is
RMDs for Multiple Retirement Accounts
RMD Aggregation Rules If you have multiple retirement accounts, you might be able to take the required minimum distribution (RMD) for multiple of those accounts
Withholding Tax (Tax Withholding)
Definition Amounts withheld from distributions paid to an owner or beneficiary, from an IRA or employer plan account. Rules for Withholding Tax The rules for
2009 RMD Can be rolled over and certain deadlines extended
The IRS issued Notice 2009-82, in which they addressed several issued relating to 2009-RMD amounts. Areas addressed include the following: The fact that certain 2009-RMD
Qualified distribution- Roth 401(k)
Definition A distribution from a Roth 401(k) that satisfies certain requirements, resulting in the distribution being tax-free and penalty free. Distributions that are non-qualified may
Modification (SEPP)
Definition The disqualification of a substantially equal periodic payment (SEPP) program. If a SEPP program is modified, the taxpayer is required to pay the IRS
