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Naming a Trust as IRA Beneficiary

Naming a Trust as IRA Beneficiary

Are you considering naming a trust as your IRA beneficiary?  Here are 5 things to know beforehand. Naming a trust your IRA beneficiary is much less common than naming one or more persons, but it is not altogether rare.  Unlike a will—which essentially only identifies...

IRS Issues Proposed Long-Term, Part-Time Regulations

IRS Issues Proposed Long-Term, Part-Time Regulations

The Internal Revenue Service (IRS) has released a proposed regulation reflecting statutory changes related to long-term, part-time (LTPT) employees made by the SECURE Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (SECURE 2.0). This proposed regulation would...

Roth IRAs – Addressing the Intricacies of Conversions and Rollovers

Roth IRAs – Addressing the Intricacies of Conversions and Rollovers

I have a client who has pretax assets in both a Traditional IRA and a 401(k) plan. She would like to move both accounts to a Roth IRA.  Are there any limitations that would prevent her from doing this? Individuals may simultaneously convert Traditional IRA assets and...

Minors and IRAs

Minors and IRAs

Can a minor open and contribute to an IRA? There is no age restriction for contributing to a Traditional or Roth IRA. The primary eligibility requirement is that a person must have eligible compensation. Some examples of eligible compensation for IRA contributions...

A Refresher on Recharacterizations

A Refresher on Recharacterizations

One of our IRA owners died last year. His daughter, who is the executrix of his estate, came in today and asked to recharacterize his 2021 Roth IRA contribution because he was not eligible to make that contribution. May she do this? Yes. According to Treasury...

IRA Excess Contributions and How to Handle Them

IRA Excess Contributions and How to Handle Them

IRA owners sometimes contribute more than they are permitted. Or they may contribute only to later discover that they cannot deduct the contribution. And sometimes they simply want to take the contribution out for some other reason. Whatever the situation, IRA...

SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions

SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions

The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10 percent early distribution penalty tax. Normally, IRA owners and retirement plan participants are subject to this penalty tax if they withdraw...

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