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Required Minimum Distributions

Important date approaching in 2016 for older taxpayers with IRAs and qualified plan accounts

Important date approaching in 2016 for older taxpayers with IRAs and qualified plan accounts

A critical date is approaching for many taxpayers who attained age 70 1/2 in 2015.  By Apr. 1, 2016, these taxpayers must commence making required minimum distributions (RMDs) from their traditional IRAs. (Lifetime distributions need not be taken from Roth IRAs at any age.) (Code Sec. 408A(c)(5)) A participant in a qualified retirement plan (e.g., 401(k) […]

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Top Year-End IRA Reminders from IRS

Top Year-End IRA Reminders from IRS

Individual Retirement Accounts, or IRAs, are important vehicles for you to save for retirement. If you have an IRA or plan to start one soon, there are a few key year-end rules that you should know. Here are the top year-end IRA reminders from the IRS: Know the contribution and deduction limits.  You can contributeup to […]

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Year-end planning: withdraw required minimum distributions before year-end to avoid penalty

Year-end planning: withdraw required minimum distributions before year-end to avoid penalty

Now that we’re in the final quarter of the year, older taxpayers need to keep a careful eye on their required minimum distributions (RMDs) for the year, as a stiff penalty applies to those who don’t withdraw enough from their retirement accounts. This article explains the rules that apply and offers a withdrawal strategy for […]

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Washington Alert – GAO report on budget; DOJ and 2 more Swiss banks; TIGTA faults IRS on advising taxpayers on minimum distribution rules on IRAs

Washington Alert – GAO report on budget; DOJ and 2 more Swiss banks; TIGTA faults IRS on advising taxpayers on minimum distribution rules on IRAs

Faced with ongoing budget constraints, IRS has been scaling back various activities and demonstrating flexibility in absorbing cuts in funding, the Government Accountability Office (GAO) said in a report released on July 24. (GAO-15-624) IRS’s total appropriations hit a high of $12.1 billion in fiscal year (FY) 2011 but declined to $11.3 billion in FY […]

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Extra Payments Due to Financial Institution Error Won’t Trigger IRA Modification Penalty

Extra Payments Due to Financial Institution Error Won’t Trigger IRA Modification Penalty

PLR 201510060 IRS has privately ruled that two additional payments received in one tax year won’t result in a modification to a series of substantially equal periodic payments being made under Code Sec. 72(t), and won’t subject the recipient to the 10% additional tax on early distributions from IRAs. The additional payments were the result […]

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Payments From Qualified Pension Plans — What Are The Choices?

Payments From Qualified Pension Plans — What Are The Choices?

Regardless of their age, employees who are fortunate enough to be covered by a noncontributory qualified defined benefit (usually pension) plan would be well advised to check and see how and when they or their spouses or other beneficiaries will be entitled to a benefit. Here’s an overview of the essential rules. When payments may […]

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New Q&As Explain Single Distribution Rule For Retirement Plans

New Q&As Explain Single Distribution Rule For Retirement Plans

IRS has explained two important aspects of the new rule providing that when a taxpayer makes a retirement plan rollover to multiple qualified destinations, the amounts are treated as a single distribution for allocating pre- and after-tax contributions. The first is that a taxpayer can’t take a partial distribution of only after-tax amounts in a […]

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Year-end planning: withdraw required minimum distributions before year-end to avoid penalty

Year-end planning: withdraw required minimum distributions before year-end to avoid penalty

As the final quarter of the year starts to close, older taxpayers need to keep a careful eye on their required minimum distributions (RMDs) for the year, as a stiff penalty applies to those who don’t withdraw enough from their retirement accounts. This article explains the rules that apply and offers a strategy for those […]

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Taxpayers attaining age 70 1/2 in 2014: start RMDs this year or wait till 2015?

Taxpayers attaining age 70 1/2 in 2014: start RMDs this year or wait till 2015?

Taxpayers who attain age 70- 1/2 in 2014 have until their required beginning date of Apr. 1, 2015, to begin making required minimum distributions (RMDs) from their IRAs. As a general rule, they also must begin RMDs from their qualified retirement plan accounts by that date (non-5% company owners who continue working may, however, defer […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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