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...
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 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...
What is a Form 1099-R and Why Did I Get One?
An old, well-known adage says that only two things in life are guaranteed: death and taxes. While we may not have much control over the first of life’s guarantees, we can aim to fully understand and be prepared for the second, right? Unfortunately, tax time often...
