Archive for the ‘IRA’ Category

Potential Impact On Millennials Of Social Security Reserves Running Dry By 2034

June 19th, 2018

The 2018 Social Security and Medicare Boards of Trustees announced that the Social Security program’s cost will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits. Congress established trust funds managed by the Secretary of the Treasury to […]

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Have a 401(k) Plan & Leaving Your Job – There is One Tax-Free Option You Need to Know About

April 23rd, 2018

The most common manner in which IRA accounts are funded is through a rollover from a 401(k) plan from a former employer.  Based on the most recent available data, households have transferred $424 billion from employer-sponsored retirement plans to traditional IRAs in 2014.  Fifty-nine percent of traditional IRA–owning households in 2016 indicated their traditional IRAs […]

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Five Reasons You Should Use ROBS to Start Your Own Business

April 19th, 2018

When it comes to using retirement funds to buy or finance a business that you or another “disqualified person” will be involved in personally, there is only one legal way to do it and that is through the Business Acquisition Solution, also known as a Rollover Business Start-Up (ROBS). The ROBS solution takes advantage of […]

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Impact On IRAs From Appeals Court Striking Down Department Of Labor’s Fiduciary Rule

March 19th, 2018

Here’s the latest article from Adam Bergman that first appeared on – On March 15, 2018, the Fifth Circuit Court of Appeals vacated the Department of Labor’s (DOL) fiduciary rule in a split decision, overturning a Dallas district court that was unwavering in its support of the rule. By a 2-1 vote, the appellate […]

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How A Modest Raise in Income Changed My Future

February 6th, 2018

Here’s an interesting anecdote from Nathaniel FitzGerald – One day, not too long ago, I was almost entirely broke. Not impoverished broke: literally-no-money-money-after-bills broke. Owning a business didn’t pay too much, and payouts from my freelancing jobs were trickling in. I was making just enough money to pay my monthly expenses, but there was nothing […]

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What Happens When You Inherit a Solo 401k Plan?

December 28th, 2017

If you are a beneficiary (rather than the owner) of a qualified plan, such as a Solo 401(k), and receive a distribution as a result of the owner’s death, in general you have the following options: Pay ordinary income tax: If plan assets are distributed to you, then you will have to report the distribution […]

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What Are the Reporting Requirements for a Minimum IRA Distribution?

December 11th, 2017

Trustees, custodians, and issuers of IRAs (trustees) must make reports on minimum distributions to IRA owners and the IRS. If a minimum IRA distribution is required for a calendar year as of the beginning of which the IRA owner (or a surviving spouse who has elected to be treated as owner) is alive, the trustee […]

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2018 IRA Contribution Limits Announced

October 24th, 2017

Last week, the IRS announced the new limits for retirement plans for 2018.  Here’s what you need to know about your IRA Contributions – 2018 IRA (including Self-Directed IRAs) Contribution Limit – Limits remain the same as 2017.  For individuals under age 50, the limit is $5,500.  For those 50 and older, you can make […]

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