Wrong IRA Custodian?: Americans have over $5 trillion in IRA assets…but are your IRA assets with the “right” IRA custodian? Is your current custodian suitable for your planning goals? If not, consider relocating your IRA assets to a Multi-Generational IRA friendly custodian.
- Did you inherit a traditional IRA this year? If the deceased IRA owner did not take his/her 2016 RMD before he/she passed away, you have until December 31st to take the year of death RMD.
- Did you inherit a traditional or Roth IRA last year? If so, you have until December 31st to begin taking your required minimum distributions (RMDs) from that inherited IRA.
- RMD rules apply to beneficiaries of both traditional and Roth IRAs.
Multiple IRA Beneficiaries: If you are one of several beneficiaries of an inherited IRA and you plan to take advantage of a Multi-Generational IRA distribution strategy, December 31st is the deadline for separate accounting.
Roth IRA Conversions: If you converted to a Roth IRA in 2016, those funds must leave the traditional IRA by December 31st.
IRA Rollover Limit: IRA rollovers are limited to 1 per year regardless of how many IRAs you have.
*REMINDER: Rollovers are restricted but trustee-to-trustee transfers are unlimited!
IRA Catch-up Contributions: Eligible IRA owners can take advantage of a “catch-up” contribution in addition to their regular contribution amount if they are at least 50 years old by December 31st.