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Category: Retirement Benefits (page 1 of 6)

IRS Releases Publication 3125 – The IRS Does Not Approve IRA Investments

The IRS has released Publication 3125 (rev. Sep. 2017), “The IRS Does Not Approve IRA Investments,” which warns of advertisements that falsely claim IRS endorsement of a particular investment and explains how taxpayers can protect themselves.

See Publication 3125 by clicking here. 

Posted by Lewis J. Saret, Co-General Editor, … Continue reading

IRS Seeks Comments on Roth IRA Regs

The IRS, in TD9237, has requested comments on regs providing special rules relating to designated Roth contributions to qualified
cash or deferred arrangements under section 401(k). Comments are due by September 8, 2017.

See TD 9237 by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.… Continue reading

Fann v. Commissioner: Early IRA Distribution Subject to 10% Tax But Not Accuracy Related Penalty

The Tax Court, in Fann v. Commissioner, T.C. Summary Opinion 2017-43 (June 28, 2017),  considered the following issues:

  1. whether for 2012 any portion of petitioners’ distribution from an individual retirement account is excepted from the 10% additional tax imposed by section 72(t) for early withdrawal and
  2. whether petitioners are liable
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Charitable IRA Initiative + Conrad Teitell Request Charitable IRA Be Included in Tax Reform

Tax Notes reports that, in response to a June letter by Senate Finance Committee Chair Orrin G. Hatch, R-Utah, requesting tax reform input, the Charitable IRA Initiative asked that the language of H.R. 1337 be included in the committee’s tax reform legislation.

See analysis of legislation prepared by Charitable IRA’s Continue reading

Ozimkoski v. Commissioner, Docket No. 3622-11 (2016): IRA Distributions

In Ozimkoski v. Commissioner,  Docket No. 3622-11, filed December 19, 2016, the Tax Court addressed the following issues:

  1. whether petitioner’s individual retirement account (IRA) distributions totaling $174,597.17 were taxable income to her;
  2. whether petitioner’s IRA distributions were subject to the section 72(t) 10% additional tax;
  3. whether the petitioner was liable for the
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In the Pursuit of Domestic Tranquility – Matrimonial Attorneys Should Follow the Bouncing Beneficiary Designations by Andrew L. Oringer, Albert Feuer

Andrew L. Oringer and Albert Feuer have made available their article, “In the Pursuit of Domestic Tranquility – Matrimonial Attorneys Should Follow the Bouncing Beneficiary Designations,” published at  43 Comp. Plan. J. 43 (March 6, 2015).  The Abstract reads as follows:

The Supreme Court, in Kennedy v. Plan Administrator for DuPont Savings

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When May an Agent Act on Behalf of an ERISA Plan Participant or Beneficiary? by Albert Feuer

Albert Feuer has made available for download his article, “When May an Agent Act on Behalf of an ERISA Plan Participant or Beneficiary?”, which was published in the Journal of Pension Planning and Compliance. The Abstract is as follows:

This article discusses when a pension or welfare plan governed by the

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IRA Required Minimum Distribution Reminder to Retirees

The Internal Revenue Service reminded retirees who turned 70.5 during the 2014 tax year that they must start receiving the required minimum distribution from their Individual Retirement Accounts (IRA) or their work-related retirement plans such as a 401(k), 403(b), and 457 plans by April 1st of 2015. This deadline does not apply to … Continue reading

Borrowing From Your 401(k) – the good, the bad and the ugly

Money Magazine reports about “leakage,” using 401(k) or IRA savings to pay for anything other than retirement, which  has become something of a bad word in the personal finance world. One policy wonk, Matt Fellowes, the founder and CEO of HelloWallet, took the metaphor even further when he wrote that … Continue reading

Cash-Balance Plans Surge

Miriam Rozen, of Financial Planning Magazine, writes that cash-balance retirement plans are surging in popularity following a favorable IRS ruling.  Her article begins as follows:

A recent favorable IRS ruling has generated some buzz on cash-balance retirement plans, and advisors should expect their popularity to rocket among business-owning clients and

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The Problem With Naming A Trust As The Beneficiary Of An Annuity, And Using A Beneficiary Designation With Restricted Payout Form As An Alternative

Michael Kitces writes about issues that arise when naming trust as a retirement account designated beneficiary. Michael’s article begins as follows:

Retirement accounts and annuities used as accumulation vehicles can create significant tax-deferred account balances over time, with the caveat that eventually the tax bill must still come due. If

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Proposals For Eliminating Stretch IRAs, Repealing NUA, And The $3.4M Retirement Account Cap In The FY2016 Treasury Greenbook

Michael Kitces reports on the Treasury Greenbook proposals re retirement plans.  His post begins as follows:

Every year, the proposed changes to the tax laws encapsulated in the President’s budget request for the Federal government are recorded in the Treasury Greenbook, which is then taken under advisement by Congress to

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Estate Planning Remains Important Even If Ohio Repeals Estate Tax

Ohio’s move of repealing estate tax and the increase in federal estate tax exemption equivalent has brought about perception that estate planning is no longer important since no estate taxes will be posted upon one’s death. However, this is not true. Coming up with an estate plan saves time and … Continue reading

Winter Getaways Raises Medical Expenses

As retirees move away from up north to Florida, they are likely to face more medical tests than they would have done back home. Since Medicare has strict regulations on prices and procedures of medical testing, doctors can easily increase the items and volumes of testing. According to researches, Florida, … Continue reading

New Book Published: Social Security Works

Co-authors Nancy J. Altman and Eric R. Kingson have their new book on the social welfare system just published. Both of them are very supportive expanding the current social welfare system and believe that doing so will achieve “greater economic security for all of America’s working families.” They explained in … Continue reading

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