The IRS announces with IR-2022-217 The IRS reminds taxpayers that are over 72 years of age that is born in 1950 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. The payments are called required minimum distributions (RMDs), even if th...

The IRS provides a timely and excellent reminder in Tax Tip 2022-162 about important info for people to consider before they dip into their hard-earned retirement savings for hardship distributions, early withdrawals or loans. In addition to a reminder n Required Minimum Distributions. No...

Just a little reminder the Backdoor ROTH is not a certainty going forward, it lives to fight another tax year! If your income exceeds the limits to contribute directly to a Roth IRA, you may have heard about the so-called 'Backdoor Roth IRA,' which allows traditional IRA conversions to ...

IRS reminds us that we have until April 18, 2022 of this 2021 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2020 tax year, don’t be late! The Internal Revenue Service reminds taxpayers they may be able to claim a ded...

The IRS provides an excellent breakdown on the different types of IRA’s, their uses and differences, the contributions and withdrawal features of each. Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security ...

IRS reminds us that we have until April 15, 2021 of this 2020 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2019 tax year, don’t be late! The Internal Revenue Service notes that taxpayers of all ages may be able to claim...

IRS reminds us that we have until July 15 of this 2020 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2019 tax year, don't be late! The Internal Revenue Service today reminded people that contributions to traditional Indivi...

The IRS reminds taxpayers what happens in the event they decide to  raid their retirement plans---early withdrawals may be taxable or non taxable and subject to penalty. Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this ca...

The IRS reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.  The payments are called required minimum distributio...

IRS explains the Individual Retirement Account (IRA) different types, their purpose, deductibility, taxability, rollovers and when you are required to withdraw funds called a Requirement Minimum Distribution or RMD. Individual Retirement Arrangements – better known simply as IRAs – a...

In a compassionate move realizing the extent devastation from Hurricane Irma and Harvey before it to taxpayers in FEMA designated areas, the IRS has included in the definition of Hardship under IRC Sections 401(k) and 403(B) distributions to victims of hurricane Irma as followed hurricane ...

IRA and Retirement Plan Rollovers WASHINGTON — The Internal Revenue Service today provided a self-certification procedure designed to help   recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retir...

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age 70½...

IR-2016-48, March 28, 2016 WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned 70½ during 2015 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Fri...

Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution: 1. Early Withdrawals.  An earl...

By Jillian K. Poyzer, CPA, and Timothy R. Yoder, CPA, Ph.D. January 1, 2016 Money invested in retirement accounts reaps the benefits of tax-deferred earnings and is therefore good for tax planning purposes. But putting money into retirement accounts limits the availability of funds bec...

Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA. Age rules.  You must be under age 70Â...

Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution: Early Withdrawals.  An early withdrawal norma...

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans 1. An early withdrawal normally means taking money from your plan before you reach age 59½. 2. If you ...