What Reporting Requirements Exist for Traditional IRA holders?

January 4th, 2017

Individuals maintaining IRAs and surviving beneficiaries under IRAs must usually file an annual information return on Form 5329. Also, an individual maintaining an IRA must make an information filing for each year in which a nondeductible IRA contribution is made or a distribution is received from an IRA. The filing, which must be included with […]

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What Are the Minimum Distribution Requirements of a Traditional IRA?

December 10th, 2016

The terms of an independent retirement account or annuity must include several minimum distribution rules, which Congress imposed to ensure that IRAs are primarily used as retirement savings media, not as vehicles to build wealth for transmission to heirs. As discussed below, these rules provide separately for distributions to IRA owners and distributions to beneficiaries […]

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Are You Allowed to Rollover a Traditional IRA to a Roth IRA?

March 23rd, 2016

Starting in 2011, everyone qualifies to convert to a Roth IRA. As with any rollover, you will want to arrange a direct rollover from the plan to the Roth IRA to avoid mandatory income tax withholding and not worry about the 60-day window which the transfer must be completed.  (See Below) Do I pay tax […]

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Deciding Between a Traditional and Roth IRA

February 4th, 2016

There’s no right or wrong answer. The decision usually depends on a variety of factors and circumstances. If you are not eligible to take advantage of tax-deductible contributions to a traditional IRA but qualify for after-tax contributions to a Roth IRA, then the Roth IRA is the better choice. Roth IRA contributions are made in […]

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The Difference Between an IRA and a Self-Directed IRA with Checkbook Control

October 29th, 2015

An Individual Retirement Account (IRA) is a tax-deferred retirement account for an individual that permits individuals to set aside money each year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). Many “traditional IRA” custodians advertise themselves as offering a Self Directed IRA with “checkbook control”, […]

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Should You Convert Your Traditional IRA to a Roth IRA?

September 4th, 2015

The consensus view is that the conversion route should be considered by taxpayers who: have a number of years to go before retirement (and are therefore able to recoup the dollars that are lost to taxes on account of the conversion); anticipate being taxed in a higher bracket in the future than they are now; […]

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Can You Convert a Traditional IRA to a Roth IRA?

February 10th, 2014

Beginning in 2010, the modified Adjusted Gross Income (“AGI”) and filing status requirements for converting a Traditional IRA to a Roth IRA are eliminated. Below are some important points to consider when deciding whether to convert your Traditional IRA to a Self-Directed Roth IRA LLC. Do you have the ability to pay income taxes on […]

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Does a Checkbook Control IRA LLC Trigger an IRS Audit?

January 10th, 2014

It is not uncommon to hear some full-service custodians that do not work with the “checkbook control”  IRA LLC to make claims that suggest that using a “checkbook control” IRA LLC could prompt an IRS audit.  However, the facts suggest that this is nothing more than a negative marketing ploy. When it comes to IRS […]

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