Still Time to Make a 2014 IRA Contribution

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If you still want to make a 2014 contribution to your traditional IRA there is still time – most taxpayers have until April 15, 2015 to make their 2014 contribution.

Contributions can be made to your traditional IRA for a year at any time during that year or by the due date for filing your return for that year, not including extensions.

Don’t forget about the 70½ rule though… traditional IRA contributions cannot be made for the year in which you reach age 70½ or for any later year. Contributions can only be made to your traditional IRA for each year that you receive compensation and have not reached age 70½.

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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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admin May 20, 2020

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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admin April 22, 2020

Tapping Into Retirement Accounts If Not Directly Impacted By COVID-19

The recently-­‐enacted Coronavirus Aid, Relief, and  Economic Security Act (CARES  Act) signed by President Trump  on  March  27, 2020, allows  “qualified individuals” to take up  to  $100,000 of  penalty-­‐free IRA and company plan withdrawals during 2020. “Qualified individuals” include those who are (or whose family members are) sickened by the virus or who have virus-­‐related

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admin April 15, 2020
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