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IRA Blog

This Week’s Q&A Mailbag: Two RMD Questions

Question: Hi, I recently purchased your newsletter and I had an IRA question.  If a client dies before taking his required RMD for the year, does the estate need to take the RMD and pay the taxes before the account is transferred to the non-spouse beneficiary?  If not...

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6 IRA Actions in 2018 Guided by Your 2017 Tax Return

As you prepare your 2017 tax return, use the information you collect both to make the best IRA contribution choices for 2017 and plan IRA strategies for 2018. Six ways to consider: 1. Maximize IRA Contributions for 2017  2017 IRA contributions can be made until April...

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Keeping it SIMPLE and RMDs: Today’s Q&A Mailbag

Question: IRA Expert, I have a client that has $3M in a profit sharing plan (PSP). He is rolling over $1.5M of it to an IRA with me. He plans to take his RMD ($54,744) on that $1.5M after he turns 70½  on 4/3/2018 and give it directly to charities. He wants to wait...

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Roth Recharacterization Update from IRS

It has been widely reported that the Tax Cuts and Jobs Act eliminated the ability to recharacterize Roth IRA conversions as of January 1, 2018. On the other hand, it kept the ability to recharacterize IRA and Roth IRA contributions. Despite all the above, an...

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Tax Reform and Your IRA – 5 Things You Need to Know

The Tax Cuts and Jobs Act made sweeping changes to the tax laws. Brackets have been changed, deductions have been eliminated, and retirement plans have been affected. You may be wondering what the new law means for your IRA. Here are 5 things you need to know: 1....

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Tax Law Updates to 529 Educational Plans

529 Educational Plans Should Be Gaining in Popularity  Now that the dust has settled and the tax code has been “reformed,” it’s time to unpack those changes and analyze how best they can help you and your clients. One of the changes was the expansion of 529...

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