Archive for January, 2011

What Types of 401(k) funds Can be Converted to a Roth Solo 401(k)?

January 31st, 2011

The determination of whether a Roth 401(k) rollover is permitted is based on whether the funds were a 401(k) rollover, employee deferral, or employer profits sharing contribution

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How are RMDs taxed?

January 26th, 2011

The account owner is taxed at his or her income tax rate on the amount of the withdrawn RMD

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Who calculates the amount of the RMD?

January 26th, 2011

The IRA or retirement plan account owner is ultimately responsible for calculating the amount of the RMD.

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How is the amount of the RMD calculated?

January 26th, 2011

A RMD is calculated for each account by dividing the prior December 31st balance of that IRA or retirement plan

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When is the Deadline for Receiving an RMD from an IRA?

January 26th, 2011

first RMD payment can be delayed until April 1st of the year following the year in which he or she turns 70 ½.

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IRA Required Minimum Distributions – The Basics

January 26th, 2011

An RMD is the minimum amount that individuals must withdraw from their retirement account annually once they reach age 70 ½

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What happens if I Make an Excess IRA Contribution?

January 26th, 2011

Generally, an excess IRA contribution is the amount contributed to an individual’s Traditional IRA and Roth IRA for the year that is more than the above limits. Regular (not rollover) contributions made in the year a person is age 70½ and any later year are also excess contributions unless made to a Roth IRA. An excess contribution […]

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What are the IRA Contribution Limit Rules?

January 26th, 2011

For 2010 and 2011, the most that an individual can contribute to a traditional IRA or Roth IRA generally is the smaller of

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