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 ...

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 ...

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 ...

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 ...

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 ...

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.

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 rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are ...

The easiest way for Stan to manage this situation may be to roll his late wife’s 401 (k) and Roth IRA investments into his ...

Last month, the Internal Revenue Service released its 2017 audit data for the 2016 tax year, during which the IRS audited almost 1.1 million tax returns, approximately 0.5 percent of all returns filed ...