When filing taxes, it’s important to make sure you’re reporting all of your income correctly. That includes making note of early distributions from qualified retirement plans or other tax-favored ...

I was the beneficiary of my late wife’s IRA and 401 (k) — but I want our kids to get the cash. Do I still have to take ...

When a client fails to take a required minimum distribution, you usually want to seek a waiver of the 50% penalty that would apply to this mistake. My October 2015 column explained exactly how to ...

An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience, according to the IRS. Any payment that you receive from your IRA ...

According to IRA expert Ed Slott (www.irahelp.com ), the penalty protection for missed required minimum distributions (RMDs) may not be as good as it seems. The SECURE 2.0 Act, passed at the end of ...

My dad is 81 years old and getting increasingly forgetful. He’s also had some health problems. I just discovered that he hasn’t taken anything out of his IRA for the past three years. I know there’s a ...

A trio of IRS forms can lead you astray regarding proper tax treatment of your retirement benefits. Form 5498 for inherited IRA: The first is IRS Form 5498, the "information return" your IRA provider ...

The penalty for missing a required minimum distribution (RMD) is one of the largest in the Tax Code. For years it was 50 percent of the amount that should have been taken but was not. That penalty was ...

People value the opportunity to keep money inside a tax-shelter retirement account like an IRA or 401(k). The longer it's there, the longer it can grow without earnings being taxed as current income.

The Tax Court held on July 5 that the IRS properly assessed excise tax on a taxpayer’s excess contribution to a Roth IRA, since the attempted tax-free conversion of a regular IRA to a Roth IRA lacked ...