Articles
2015 IRA ROLLOVER RULE CHANGE IS IN EFFECT
Starting January 1, 2015, you are only allowed one 60-day rollover for all of your IRAs in a twelve-month period. This change was the result of a Tax Court case reported on my blog last year known as Bobrow. Click here for the details. The important details of the new...
ROTH IRA CONVERSION RE-CHARACTERIZATION
If you have converted a Traditional IRA to a Roth IRA in 2014, you can reverse the conversion by doing what is called a Roth IRA conversion re-characterization. Under a re-characterization, the Roth IRA funds and assets are rolled back into a Traditional IRA and the...
3 THINGS TO DO WITH YOUR IRA BY DEC 31
As we end 2014, there are three critical items that you must be aware of as these items must be completed by December 31, 2014. 1. Required Minimum Distributions. If you are age 70 1/2 or older and if you have a traditional IRA (or SEP or SIMPLE IRA or 401k), you...
PRECIOUS METALS BULLION IN IRAs: SATISFYING THE ‘PHYSICAL POSSESSION’ REQUIREMENT
In 1986, Congress allowed individual retirement accounts (IRA) to invest in precious metals bullion. Since then, many IRA owners have purchased and held precious metals bullion coins and bars in IRAs as a hedge against inflation and to diversify their retirement...
How to Avoid the $15000 Solo 401(k) “Failure to File 5500-EZ” Penalty
Do you have a solo 401(k)? Have you been filing form 5500-EZ each year for the 401(k)? Are you aware that there is a penalty up to $15,000 per year for failure to file? While many solo 401(k)s are exempt from the 5500-EZ filing requirement, we have run across many...
2014 Solo 401(k) Contribution Deadlines
I posted a comprehensive article last week about 2014 retirement plan contributions in general. However, as the year ends I wanted to highlight three important deadlines you must know if you plan to set-up a Solo 401(k) in 2014. A solo 401(k) is a retirement plan for...
2014 Retirement Plan Contribution Deadlines: Start Planning Now & Don’t Get Left Behind
Retirement account/plan contributions are one of the most powerful tax strategies you can implement but you've got to make them by the deadline so that they can reduce this years tax liability. With the end of the year fast approaching, now is the time to make certain...
Self-Directed IRA & 401(k) Prohibited Transaction Disqualified Person Diagram
The prohibited transaction rules are the most important rules to understand when you self-direct your retirement account. These rules restrict not what investments your retirement plan may acquire but whom your plan may transact with. How It Happens A prohibited...
INHERITING AN IRA, 401(k), OR OTHER QUALIFIED RETIREMENT PLAN FROM A PARENT, FAMILY MEMBER OR FRIEND
If you've inherited an IRA, 401(k), or other qualified retirement plan from a parent, family member, of friend, you have three options on how to receive the retirement plan funds. Each option comes with different tax ramifications and benefits. I'll outline the three...
WHEN TO USE A LIMITED PARTNERSHIP?
Limited Partnerships (LP) have taken a back seat over the past ten years to the more popular Limited Liability Company (LLC). That being said, LPs are still often used to hold assets, raise funds, or to achieve achieve specific tax benefits. Here are 5 things you...
