October 15th is Coming…

As the IRS October deadline approaches, here are a few important October 15th reminders:

Extension Deadline
This the general extension deadline for most taxpayers.

Recharacterizations
This is the deadline for recharacterizing regular IRA contributions.

*Please note: as of 1/1/18, you can no longer recharacterize a Roth conversion. If, however, you did a conversion in 2017, the IRS will allow you to recharacterize your 2017 Roth conversion by the 10/15/18 deadline.

SEP-IRA Funding
If you requested an extension, this is the deadline to fund your plan for the 2017 tax year.

Source: www.irs.gov

More Updates

IMPORTANT TRUST DEADLINE APPROACHING

For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?

The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

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Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

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