Individual retirement accounts include traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Traditional and Roth IRAs are funded by the individual owner. SEP IRAs are funded by employers. SIMPLE IRAs are generally funded by employers and employees. Special tax rules apply to these accounts.
Definition Individual retirement arrangement (IRA) is an umbrella term that covers individual retirement account and individual retirement annuity. These are retirement savings vehicles established by
by Denise Appleby The IRS issued Notice 2022-55 in which they provide retirement plan limits for 2023. Many the limits were changed from those that
By Denise Appleby Sometimes clients need retirement funds before 59½, but breaking any of the governing rules for 72(t) payments will mean paying taxes waived
By Denise Appleby If you did not take your RMD from your inherited IRA in 2021 or 2022 because of the confusing messaging from the
By Denise Appleby The IRS acknowledges confusing messaging for the new 10-year rule for beneficiaries and waives the 50% excise tax for 2021-22 RMD shortfalls
By Denise Appleby, APA,QKA,CISP,CRC,CRPS,CRSP The proposed RMD regulations included explanations that differ from industry experts’ interpretation of the SECURE Act. Let’s take a look… The
By Denise Appleby The IRS issued proposed RMD regulations in February that contradict the widespread industry interpretation of the 10-year rule. This means certain misinformed
By Denise Appleby https://www.linkedin.com/in/deniseappleby Owners of retirement accounts (participants) and beneficiaries with inherited accounts (beneficiaries) must take any required minimum distributions (RMDs) by the applicable
The IRS issued IR-2022-69 on March 25, 2022, in which they reminded owners of retirement accounts that some must take their 2021 required minimum distributions
Definition A designated beneficiary is an individual (person) beneficiary whose is designated as beneficiary of a qualified plan account, 403(b) account, 457(b) plan or IRA,
