Beginning in 2006, the IRS permitted taxpayers who had attained age 70½ to make IRA
|
|
- Melissa Warren
- 8 years ago
- Views:
Transcription
1 THE March 2013 Quality forum Volume 8, Issue 1 Qualified Charitable Distributions Reinstated Beginning in 2006, the IRS permitted taxpayers who had attained age 70½ to make IRA Charitable Rollovers or Qualified Charitable Distributions (QCDs) directly to eligible charities (including colleges and universities) of up to $100,000 in total annually. This legislation expired at the end of However, the American Taxpayer Relief Act of 2012 (ATRA) has reinstated this legislation with a two-year extension that is retroactive back to January 1, 2012, and is set to expire again on December 31, Under ATRA 2012, taxpayers who took RMDs during the month of December 2012 were able to elect to make charitable gifts of these distributions in January The charitable gifts will be treated as having occurred in December 2012, and the taxpayers will not need to report the RMDs as income for In addition, for those taxpayers who had gone ahead and made QCDs directly from their IRA custodians to charities during 2012 (hoping that there would be new retroactive legislation), the IRS has indicated that these rollovers will be treated as QCDs retroactive to January 1, 2012, and will not need to be reported as income for Finally, taxpayers who did not make QCDs during 2012 were given an opportunity to do so during January 2013 and to have the QCDs (up to $100,000) treated as 2012 charitable rollovers, not reportable as income for 2012 or These taxpayers were also eligible to make QCDs during the remaining 11 months of 2013 of up to another $100,000 that will be considered QCDs for 2013 and will not need to be reported as income in n I n T h i s I s s u e Qualified Charitable Distributions Reinstated... 1 News Clips Roth Features Comparison Chart for Education Savings Plan Comparison Chart for Compliance Calendar
2 American Taxpayer Relief Act of 2012 In-Plan Conversions to Roth Accounts The American Taxpayer Relief Act of 2012 includes a provision that allows defined contribution retirement accounts not otherwise distributable to be converted within the plan to Roth accounts. Previously, only amounts that were deemed distributable (such as when the participant attained age 59½) could be converted to in-plan Roth accounts. Although the provision was effective January 1, 2013, it may be applied to account balances in existence prior to that date. Because these conversions are taxable, Congress expects that this provision will generate $12.2 billion in tax revenue over the next ten years. On February 26, 2013, the American Society of Pension Professionals and Actuaries (ASPPA) sent a letter to the Internal Revenue Service (IRS) requesting further guidance on the provisions of the American Taxpayer Relief Act that expand the scope of in-plan Roth conversions. ASPPA specifically asked for clarification of the beginning date of the 5-year period of participation required for a tax-free distribution from a Roth account that was created by an internal conversion. Coverdell Accounts Retained Prior to the American Taxpayer Relief Act (ATRA) of 2012, it was feared by many (and hoped by some) that Coverdell Education Savings Accounts would be gutted to the point that they would disappear from use. However, the ATRA of 2012 has made permanent all of the benefits that EGTRRA (Economic Growth and Tax Relief Reconciliation Act of 2001) expanded for Coverdells, including: Tax-free use of Coverdells for K 12 expenses; $2,000 annual contribution limit (was $500 before EGTRRA); Ability to contribute to both a Coverdell and a 529 plan for the same beneficiary in the same tax year. Reporting on 2010 Roth Conversions The IRS recently released a notice reminding taxpayers of the reporting requirements for 2010 Roth conversions. Under a special rule that applied only to 2010 conversions, taxpayers could delay reporting portions of the conversions until 2011 and Taxpayers who converted amounts from a non-roth retirement account to either a Roth IRA or a designated Roth account [in a 401(k) plan or a 403(b) plan] in 2010 and who did not report the conversion for 2010 were required to report one half of the conversion amount as taxable income for 2011 and the other half of the conversion amount as taxable income for The reporting deadline (, 2013) has now arrived. News Clips Continued on page 3 2
3 SEC Announces National Examination Program Priorities for 2013 On February 21, 2013, the SEC s Office of Compliance Inspections and Examinations (OCIE) announced its 2013 examination priorities for financial institutions. The publication identifies the market-wide issues on which the SEC will be focused, and also the specific subjects of interest within the distinct areas of OCIE s National Examination Program. For all SEC registrants, OCIE will be paying particular attention to issues of: Fraud identification leveraging quantitative and qualitative tools Corporate governance and enterprise risk management executive management of financial, legal, compliance, operation, and reputational risks Conflicts of interest steps taken to mitigate and disclose conflicts where they arise Use of technology governance and supervision of information technology systems In its discussion of priorities for each of the different examination program areas, OCIE identified the ongoing risks, emerging risks, and policy topics for each area of focus. For investment companies, OCIE has announced a particular interest in examining, among other things: Distribution payments to intermediary distributers, cloaked as payments for client servicing Performance marketing, including as an indicator of valuation deficiencies Fund governance, including the provision of information to Boards, and their use of such information For broker-dealers, OCIE will be taking a particularly keen look at: Sales practices and fraud concerning retail investors, including the role of supervision by the regulated entity Anti-money-laundering programs, particularly customer identification program elements Market access rule, especially the use of master/sub-account arrangements by customers Sales of exchange-traded funds. For transfer agents, the examination priorities for 2013 will include: Core TA activities such as transaction timeliness, recordkeeping accuracy, record retention, and safeguarding of funds and securities Risk mitigation policies and procedures including business continuity plans, record backups, and third-party access and security Oversight of TA functions that are outsourced to other transfer agents or financial intermediaries Third-party administration services provided by registered TAs News Clips Continued on page 4 3
4 Department of Labor Agenda for 2013 The Department of Labor (DOL) has published a lengthy regulatory agenda for 2013 that includes: 1. An amendment under the Abandoned Plan Program that would expand the scope of individuals entitled to act as a Qualified Termination Administrator (QTA); the comment period for the proposal ended February 11, A Guide for 408(b)(2) disclosures; DOL wants plan providers to give precise details about where particular items can be found in the disclosures; guide requirement will be prospective; anticipated date for proposed regulation is May A (re)proposal of fiduciary advice rules; includes expanded definition of fiduciary and prohibited transaction exemptions; anticipated date of reproposed regulation is July A proposal to require retirement income projections on participant statements; DOL to explore how statements for defined contribution plans should communicate this information. 5. An amendment to require additional disclosures for target-date funds (TDFs) under participant disclosure rules and qualified default investment alternative (QDIA) rules; anticipated date for final regulation is November 2013; as part of this initiative, in February 2013, the Employee Benefits Security Administration (EBSA) issued guidance for plan sponsors on selecting TDFs. SEC Requests Data to Facilitate Its Consideration of a Uniform Rule for Investment Advisers and Broker-Dealers That Provide Personalized Investment Advice On March 1, 2013, the Securities and Exchange Commission issued a request for information to aid the agency in its consideration of revisions to the respective standards of care imposed on investment advisers and broker-dealers when they provide personalized investment advice. In particular, the SEC staff seeks quantitative data and economic analysis pertaining to existing and potential standards of care. This request is the SEC s next step in its consideration of whether to impose a uniform fiduciary standard for all providers of personalized investment advice. It follows the January 2011 SEC staff publication, Study on Investment Advisers and Broker-Dealers As Required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. While that study was mandated by section 913 of the Dodd-Frank Act, that same section authorized, but did not require, the SEC to engage in rulemaking relating to this issue. Although the staff s study recommended that the Commission engage in rulemaking, the Commission felt that insufficient data had been produced to facilitate a fully informed decision on the propriety of any rulemaking. This request aims to fill that gap. The final date for receipt of comments is July 5, News Clips Continued on page 5 4
5 Sec Requires Funds to Include New 3.8% Tax on Net Investment Income When Providing Standardized After-Tax Return Calculations On February 22, 2013, the SEC s Division of Investment Management provided guidance on the inclusion of the new 3.8% tax on net investment income, imposed on certain taxpayers as of January 1, 2013, in determining the highest individual marginal federal income tax rate for purposes of completing certain sections of the Form N-1A Registration Statement. This change affects the disclosure of after-tax returns provided in fund prospectuses, as well as fund marketing and advertising materials. According to the SEC staff, this tax, imposed by the Health Care and Education Reconciliation Act of 2010, should be included in the after-tax return calculations for ordinary income, and qualified dividend income and long-term capital gains required by Item 26(b)(2) and (3) of Form N-1A. n Roth Features Comparison Chart for 2013 ROTH FEATURES COMPARISON CHART FOR 2013 ROTH 401(K) ROTH IRA 402(g) Contribution Limit = $17,500 Contribution Limit = $5,500 Age 50 Catch-up Contribution = $5,500 Age 50 Catch-up Contribution = $1,000 Contribution may be matched by employer No matching contributions Post-tax contribution; no current tax benefit Same Contributions not allowed beyond age 70 Contributions allowed beyond age 70 Must be an active plan participant to contribute No plan participation requirement Available to all participants regardless of income Contributions are phased out for single taxpayers with incomes $112,000/$127,000 and for marrieds filing jointly with incomes $178,000/$188,000. Subject to Required Minimum Distribution rules Not subject to Required Minimum Distribution rules Offers anti-alienation protection (including rollovers from IRAs) Anti-alienation protection not available Distribution to finance first-time home purchase is Distribution to finance first-time home purchase not qualified or tax-free is qualified and tax-free Participant loans permissible Loans not permitted 5
6 Year 2013 Rules Federal Income Tax Federal Estate Tax Treatment Education Savings Plan Comparison Chart for 2013 Education Savings Plan Comparison Chart 529 Plan Non-deductible contributions; withdrawn earnings excluded from income to extent of qualified higher-education expenses. Value removed from donor s gross estate; partial inclusion for death during a 5-year election period. Coverdell Education Savings Account Same as 529 plan except earnings withdrawn for qualified K 12 expenses also excluded. Value removed from donor s gross estate. UGMA/UTMA Earnings and gain taxed to dependent child (under age 19, or under 24 if full-time student); first $1,000 is tax-exempt; next $1,000 taxed at child s rate; excess over $2,000 taxed at parents rate. Value removed from donor s gross estate unless donor remains as custodian. Maximum Investment Established by the program; many in excess of $250,000 per beneficiary over lifetime of program. Individual taxpayer annual contribution limit is $14,000 per beneficiary ($28,000 for married couple filing joint return). Individual taxpayer accelerated gift limit is $70,000 per beneficiary ($140,000 for married couple filing joint return). $2,000 per beneficiary per year combined from all sources. No limit. Qualified Expenses Tuition, fees, books, supplies, equipment as required by eligible educational institution. Room and board for minimum half-time students. Same as 529 plan plus additional categories of K 12 expenses. No restrictions. Able to Change Beneficiary Yes, to another member of the beneficiary s family. Yes, to another member of the beneficiary s family. No; represents an irrevocable gift to the child. Time/Age Restrictions None unless imposed by the program. Contributions before beneficiary reaches age 18; use of account by age 30. Custodianship terminates when minor reaches age established under state law (generally 18 or 21). Income Restrictions None. Ability to contribute phases out between $95,000 and $110,000 for single filers, head of household, married filing separately; phases out between $190,000 and $220,000 for married filing jointly. None. Financial Aid Counted as asset of parent or other account owner; not counted as a student asset. Counted as asset of parent or other account owner; not counted as a student asset. Counted as a student asset. Investments Menu of investment strategies as developed by the program. Broad range of securities and certain other investments. As permitted under state laws. Use for Nonqualifying Expenses Withdrawn earnings subject to federal tax and 10% penalty. Withdrawn earnings subject to federal tax and 10% penalty. Funds must be used for benefit of the minor. 6
7 Compliance Calendar Q April 1 Required Beginning Date for participants attaining age 70 ½ or retiring after age 70½ in Date by which retirement account owners/participants must take first Required Minimum Distribution (RMD). Date by which excess contributions need to be removed from IRAs in order to avoid the 6% excise tax (unless the taxpayer is on extension to October 15). Date by which contributions must be made to Traditional IRAs in order to be deductible for 2012 (extension to file Form 1040 does not apply). Date by which 402(g) distributions of excess deferral amounts due to plan participants must be made. Date by which taxpayer requests for extension of filing deadline for federal returns to October 15 must be received by the IRS. n Editor: Patricia D. Jones, Director of Compliance Published by: National Quality Review Summer Exchange Building, Suite 50, 101 Arch Street, Boston, MA This publication is designed to provide accurate, but general, information in regard to the subject matter. This publication should not be construed as legal, tax, or other business advice. 7
2008-2012 $5,000 2013-2015 $5,500 Future years Increased by cost-of-living adjustments (in $500 increments)
Part One of the Disclosure Statement describes the rules applicable to Traditional IRAs. IRAs described in these pages are called Traditional IRAs to distinguish them from the Roth IRAs, which are described
More informationState Street Bank and Trust Company Universal Individual Retirement Account Information Kit
State Street Bank and Trust Company Universal Individual Retirement Account Information Kit The Federated Funds State Street Bank and Trust Company Universal Individual Retirement Custodial Account Instructions
More informationTraditional and Roth IRAs
Traditional and Roth IRAs Information Kit, Disclosure Statement and Custodial Agreement NOT FDIC INSURED \ NO BANK GUARANTEE \ MAY LOSE VALUE FRM-IRADISC(1/11) State Street Bank and Trust Company Universal
More informationBMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement. Part One: Description of Traditional IRAs
BMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement Part One: Description of Traditional IRAs Part One of the Disclosure Statement describes the rules
More informationSCHNEIDER FUNDS INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA
SCHNEIDER FUNDS INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA BNY MELLON INVESTMENT SERVICING TRUST COMPANY Supplement to the Traditional and Roth Individual Retirement Account (IRA)
More informationCITI FUND SERVICES, INC. CUSTODIAL ACCOUNT DISCLOSURE STATEMENT. MERK FUNDS Custodial Account Disclosure Statement. Part One: Traditional IRAs
MERK FUNDS Custodial Account Disclosure Statement This Custodial Account Disclosure Statement ( Disclosure Statement ) applies to Traditional Individual Retirement Accounts ( IRAs ), Roth IRAs and Coverdell
More information2014 Basic Tax Reporting / 2015 IRA Changes. Connect with the Experts
2014 Basic Tax Reporting / 2015 IRA Changes Connect with the Experts This manual is designed for use in conjunction with seminars conducted by Ascensus. Some areas are not intended to be covered fully,
More informationchart retirement plans 8 Retirement plans available to self-employed individuals include:
retirement plans Contributing to retirement plans can provide you with financial security as well as reducing and/or deferring your taxes. However, there are complex rules that govern the type of plans
More informationHow much can I deduct if I am an active participant in a qualified plan?... 2
Table of Contents What is an Individual Retirement Account (IRA)?...................................... 1 Who may establish a Traditional IRA?............................................... 1 How much
More informationT. Rowe Price SIMPLE IRA SUMMARY & AGREEMENT
T. Rowe Price SIMPLE IRA SUMMARY & AGREEMENT June 2006 Important Change to the T. Rowe Price Traditional and Roth IRA Summary & Agreement and the T. Rowe Price SIMPLE IRA Summary & Agreement Please review
More informationDOMINI SOCIAL INVESTMENTS INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA
DOMINI SOCIAL INVESTMENTS INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA TABLE OF CONTENTS TRADITIONAL and ROTH INDIVIDUAL RETIREMENT ACCOUNT (IRA) 4 COMBINED DISCLOSURE STATEMENT
More informationROTH 401(k) FEATURE QUESTION & ANSWER (Q&A)
ROTH 401(k) FEATURE QUESTION & ANSWER (Q&A) Purpose of Q&A: Beginning January 1, 2006, employers that sponsor 401(k) retirement plans may offer a new plan design feature after-tax Roth deferrals. The purpose
More informationRetirement Plan Contribution Limits and Withdrawal Requirements
Manning & Napier Advisors, LLC Retirement Plan Contribution Limits and Withdrawal Requirements April 2011 Approved CAG-CM PUB030-R (10/11) Introduction The following report provides general information
More informationRoth IRA. Answers. To Your. Questions
Roth IRA Answers To Your Questions A wealth of information to plan your future The Roth IRA offers unique and exciting savings opportunities. Not only can it help with retirement needs, but also a first-time
More informationAgenda. Designated Roth Accounts From Deferral to Distribution Wednesday, May 1, 2013
Designated Roth Accounts From Deferral to Distribution Wednesday, May 1, 2013 William Grossman, ERPA, QPA, APR Director of Education & Communications McKay Hochman Co., Inc. Agenda Background Benefits
More informationTHE IRA CHARITABLE ROLLOVER
THE IRA CHARITABLE ROLLOVER The IRA Charitable Rollover was first added to the Internal Revenue Code of 1986, as amended, under legislation enacted in 2006. It permitted individuals to roll over up to
More informationDISCLOSURE STATEMENT
DISCLOSURE STATEMENT for Individual Retirement Annuities Home Office: Wilmington, Delaware Administrative Office: P.O. Box 19032 Greenville, SC 29602-9032 Telephone 866-262-1161 The following information
More informationPRIVACY POLICIES, DISCLOSURES, INSTRUCTIONS & AGREEMENTS FOR: INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA
Fairholme Funds Inc. PRIVACY POLICIES, DISCLOSURES, INSTRUCTIONS & AGREEMENTS FOR: INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA FAIRHOLME FUNDS, INC. INDIVIDUAL RETIREMENT ACCOUNT
More informationVoya Funds Individual Retirement Account (IRA)
Voya Funds Individual Retirement Account (IRA) Traditional IRA SRP IRA Roth IRA For financial professional use only. Not for inspection by, distribution or quotation to, the general public. INVESTMENT
More informationThe Advantages and Disadvantages of Owning an Individual Retirement Account
IRAs Investing in Your Future Retirement Plans About Stifel Nicolaus Stifel Nicolaus is a full-service Investment firm with a distinguished history of providing securities brokerage, investment banking,
More informationROTH IRA REQUIREMENTS
Regarding Roth Individual Retirement Annuity (IRA) Plans Described in Section 408A of the Internal Revenue Code This Disclosure Statement ( Disclosure ) presents a general overview of the federal laws
More informationSupplement to IRA Custodial Agreements
Supplement to IRA Custodial Agreements Effective December 31, 2014, the update below will be made to the American Century Custodial agreements for the following retirement accounts: Traditional IRAs, Roth
More informationTable of contents. 2 Federal income tax rates. 12 Required minimum distributions. 4 Child credits. 13 Roths. 5 Taxes: estates, gifts, Social Security
2015 Tax Guide Table of contents 2 Federal income tax rates 4 Child credits 5 Taxes: estates, gifts, Social Security 6 Rules on retirement plans 8 Saver s credit 12 Required minimum distributions 13 Roths
More information2011 Tax And Financial Planning Tables
2011 Tax and Financial PLanning Tables Investment Planning 2011 Tax And Financial Planning Tables Tax planning is an important component for your overall financial plan. 2011 Tax and Financial PLanning
More information2014/2015 IRA and Tax Planning Reference Guide
Retirement 2014/2015 IRA and Tax Planning Reference Guide Individual Retirement Accounts (IRAs) Annual Contribution Limits Contributions can be made to both a Traditional and Roth IRA (if eligible) in
More informationSupplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement
BNY MELLON INVESTMENT SERVICING TRUST COMPANY Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement Important Changes to the Rules Governing Indirect (60-day)
More informationPRESENT LAW AND ANALYSIS RELATING TO TAX BENEFITS FOR HIGHER EDUCATION
PRESENT LAW AND ANALYSIS RELATING TO TAX BENEFITS FOR HIGHER EDUCATION Scheduled for a Public Hearing Before the SUBCOMMITTEE ON SELECT REVENUE MEASURES of the HOUSE COMMITTEE ON WAYS AND MEANS on May
More informationVoya Funds Individual Retirement Account (IRA)
Voya Funds Individual Retirement Account (IRA) Traditional IRA SEP IRA Roth IRA For financial professional use only. Not for inspection by, distribution or quotation to, the general public. INVESTMENT
More informationNew law provides additional designated Roth contribution options
Important information Plan design October 2010 New law provides additional designated Roth contribution options Who s affected This information applies to sponsors of and participants in 401(k) plans,
More informationUpdated Custodial Agreement and Disclosure Statement for UBS IRAs
Updated Custodial Agreement and Disclosure Statement for UBS IRAs We have updated the custodial agreement and disclosure statement for UBS Individual Retirement Accounts (IRAs). The changes made to these
More informationRETIREMENT PLANNING FOR THE SMALL BUSINESS
RETIREMENT PLANNING FOR THE SMALL BUSINESS PI-1157595 v1 0950000-0102 II. INCOME AND TRANSFER TAX CONSIDERATIONS A. During Participant s Lifetime 1. Prior to Distribution Income tax on earnings on plan
More informationFederal Tax Policy and UNC
Federal Tax Policy and UNC Introduction Federal tax benefits for colleges and universities have become increasingly important to overall higher education policy in the United States over the past 20 years.
More informationAMG Funds TRADITIONAL IRA ROTH IRA
AMG Funds INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA BNY MELLON INVESTMENT SERVICING TRUST COMPANY Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure
More informationIndividual Retirement Account (IRA) Traditional IRA SEP IRA. Roth IRA
Individual Retirement Account (IRA) Traditional IRA SEP IRA Roth IRA TABLE OF CONTENTS COMBINED DISCLOSURE STATEMENT 3 TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT DISCLOSURE 4 ROTH INDIVIDUAL RETIREMENT
More informationDistributions and Rollovers from
Page 1 of 6 Frequently Asked Questions about Distributions and Rollovers from Retirement Accounts Choosing what to do with your retirement savings is an important decision. Tax implications are just one
More informationIn-plan Roth conversions: An overview of changes from ATRA 2012
In-plan Roth conversions: An overview of changes from ATRA 2012 Vanguard research May 2013 Executive summary. The American Taxpayer Relief Act of 2012 (ATRA), signed into law on January 2, 2013, expands
More informationRoth Conversions. Agenda. Conversion Background In-plan Roth Conversions:
Roth Conversions Bill Grossman, ERPA, QPA, GFS, APA McKay Hochman Consulting, Provided by DST Agenda Conversion Background In-plan Roth Conversions: SBJA, Notice 2010-84 ATRA, Notice 2013-74 Designated
More informationCaution: Special rules apply to certain distributions to reservists and national guardsmen called to active duty after September 11, 2001.
Thorsen Clark Tracey Wealth Management 301 East Pine Street Suite 1100 Orlando, FL 32801 407-246-8888 407-897-4427 thorsenclarktraceywealthmanagement@raymondjames.com tctwealthmanagement.com Roth IRAs
More informationRecent Changes to IRAs
Recent Changes to IRAs Federal legislation and new IRS regulations have created several changes to IRAs over the past few years. Only one IRA distribution within any 12-month period may be rolled over
More informationIRAs. AKD Consultants Adam Dworkin CPA 188 Whiting Street Suite 10 Hingham, MA 02043 781-556-5554 Adam@AKDConsultants.com
AKD Consultants Adam Dworkin CPA 188 Whiting Street Suite 10 Hingham, MA 02043 781-556-5554 Adam@AKDConsultants.com IRAs October 01, 2013 Page 1 of 8, see disclaimer on final page Both traditional and
More informationTRADITIONAL AND ROTH IRA SUMMARY & AGREEMENT
TRADITIONAL AND ROTH IRA SUMMARY & AGREEMENT SEPTEMBER 2004 T. Rowe Price Privacy Policy In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat
More informationComparison Chart: Pre-Tax Deferrals, Designated Roth Deferrals, In-Plan Roth Rollovers, & Roth IRAs
Comparison Chart: Pre-Tax Deferrals, Designated Roth Deferrals, In-Plan Roth Rollovers, & s Caution: Please note that some of the items included on this grid are the result of Lincoln National Corporation
More informationAmerican Taxpayer Relief Act of 2012- UPDATED
American Taxpayer Relief Act of 2012- UPDATED On January 2, 2013, the President signed the American Taxpayer Relief Act, thus ending the nation s brief stint over the fiscal cliff a confluence of expiring
More informationFrequently asked questions
Page 1 of 6 Frequently asked questions Distributions and rollovers from retirement accounts Choosing what to do with your retirement savings is an important decision. Tax implications are just one of several
More informationSACRAMENTO METROPOLITAN FIRE DISTRICT GOVERNMENTAL 457 DEFERRED COMPENSATION PLAN
SACRAMENTO METROPOLITAN FIRE DISTRICT GOVERNMENTAL 457 DEFERRED COMPENSATION PLAN DEEMED IRA ACCOUNTS DISCLOSURE STATEMENT This Disclosure Statement summarizes the provisions relating to the deemed IRA
More information2014-2015 Entrust Account Guide
2014-2015 Entrust Account Guide Helping You Direct Your Future Account Guide Individual Retirement Accounts Traditional and Roth IRAs Go To Section Small Business Retirement Accounts SEP and SIMPLE IRAs
More informationRoth IRA Disclosure Statement
Roth IRA Disclosure Statement RIGHT TO REVOKE YOUR ROTH IRA You have the right to revoke your Roth IRA within seven days of the receipt of the disclosure statement If revoked, you are entitled to a full
More informationAN ANALYSIS OF ROTH CONVERSIONS 1
AN ANALYSIS OF ROTH CONVERSIONS In 1997, Congress introduced the Roth IRA, giving investors a new product for retirement savings. The Roth IRA is essentially a mirror image of the Traditional IRA, but
More informationIndividual Retirement Account (IRA) Information Kit
PNC Funds Individual Retirement Account (IRA) Information Kit Traditional IRA SEP IRA Roth IRA TABLE OF CONTENTS TRADITIONAL AND ROTH INDIVIDUAL RETIREMENT ACCOUNT COMBINED DISCLOSURE STATEMENT... 1 TRADITIONAL
More informationROTH IRA DISCLOSURE STATEMENT
Toll Free: 1-800-962-4238 www.pensco.com ROTH IRA DISCLOSURE STATEMENT This Disclosure Statement summarizes the requirements for the Roth Individual Retirement Account (Roth IRA). The rules under which
More informationSupplement to State Street Bank Education Savings Account Disclosure Statement
Supplement to State Street Bank Education Savings Account Disclosure Statement Effective July 1, 2011, Artisan Funds, Inc. changed its name to Artisan Partners Funds, Inc. but will continue to do business
More informationROTH IRA REQUIREMENTS
Regarding Roth Individual Retirement Annuity (IRA) Plans Described in Section 408A of the Internal Revenue Code This Disclosure Statement ( Disclosure ) presents a general overview of the federal laws
More informationMatthews Asia Funds Individual Retirement Account (IRA) New Account Application
Matthews Asia Funds Individual Retirement Account (IRA) New Account Application Traditional IRA SEP IRA Roth IRA Table of Contents Combined Disclosure Statement 1 Traditional Individual Retirement Account
More informationRoth 401(k) THE Alternative WAY TO SAVE FOR RETIREMENT
Roth 401(k) THE Alternative WAY TO SAVE FOR RETIREMENT An Additional Way to Reach Your Financial Destination Your company sponsored retirement plan offers an additional feature that may assist you in reaching
More informationBNY MELLON INVESTMENT SERVICING TRUST COMPANY. Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement
BNY MELLON INVESTMENT SERVICING TRUST COMPANY Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement IMPORTANT CHANGES TO THE RULES GOVERNING INDIRECT (60-DAY)
More informationCustodial Account Agreement For Individual Retirement Accounts & Coverdell Education Savings Accounts
Custodial Account Agreement For Individual Retirement Accounts & Coverdell Education Savings Accounts For additional information please call toll-free (866) 236-0050 or visit us on the web at www.osterweis.com.
More informationBank of America Merrill Lynch Legislative and Regulatory Brief
RETIREMENT & BENEFIT PLAN SERVICES Bank of America Merrill Lynch Legislative and Regulatory Brief July 2014 www.baml.com/publicpolicyinsights DOL Regulatory Project Plan Revised Status On May 27, 2014,
More informationTraditional IRA and Roth IRA
Traditional IRA and Roth IRA Plan Today for a Secure Tomorrow lord abbett retirement services Bring an Unwavering Commitment to Your Retirement Plan Founded in 1929, Lord Abbett is an independent, privately
More information2013 TAX PLANNING TIPS FOR INDIVIDUALS
2013 TAX PLANNING TIPS FOR INDIVIDUALS The 2012 American Taxpayer Relief Act, which was enacted in early January 2013, was a sweeping tax package that included permanent extension of the Bush-era tax cuts
More informationThe IRA Rollover. Making Sense Out of Your Retirement Plan Distribution
The IRA Rollover Making Sense Out of Your Retirement Plan Distribution Expecting a Distribution? You have been a participant in your employer s retirement plan for a number of years, and you have earned
More informationEstate planning opportunities with Roth IRA conversions
Estate planning opportunities with Roth IRA conversions Vanguard research March 2010 Executive summary. Beginning January 1, 2010, as part of the Tax Increase Prevention and Reconciliation Act of 2005,
More informationNORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704
NORTHEAST INVESTORS TRUST traditional IRA INVESTOR S KIT 125 High Street Boston, MA 02110 Telephone: 800-225-6704 Table of Contents NORTHEAST INVESTORS TRUST TRADITIONAL IRA DISCLOSURE STATEMENT...1 INTRODUCTION...1
More information2014 TAX AND FINANCIAL PLANNING TABLES. An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning.
2014 TAX AND FINANCIAL PLANNING TABLES An overview of important changes, rates, rules and deadlines to assist your 2014 tax planning. 2014 2014 TAX TAX AND AND FINANCIAL FINANCIAL PLANNING PLANNING TABLES
More informationHow Can a Traditional IRA Help Me Save For Retirement?
Learn About IRAs Traditional IRAs How can a Traditional IRA help me save for retirement? Who may contribute, and how much? What is a spousal contribution? What is a SEP Contribution? What is an IRA catch-up
More informationCan Deduction Be Taken Prior to Investing the Funds?
Deadline to Establish and Fund an IRA An IRA can be established and funded at any time from January of the current year and up to and including the date an individual s income tax return is due (generally,
More informationBNY MELLON INVESTMENT SERVICING TRUST COMPANY. Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement
BNY MELLON INVESTMENT SERVICING TRUST COMPANY Supplement to the Traditional and Roth Individual Retirement Account (IRA) Disclosure Statement IMPORTANT CHANGES TO THE RULES GOVERNING INDIRECT (60-DAY)
More informationDOMINI SOCIAL INVESTMENTS INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA
DOMINI SOCIAL INVESTMENTS INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA TABLE OF CONTENTS TRADITIONAL and ROTH INDIVIDUAL RETIREMENT ACCOUNT (IRA) 4 COMBINED DISCLOSURE STATEMENT
More informationManning & Napier Fund, Inc. Individual Retirement Account (IRA) TRADITIONAL IRA BENEFICIARY IRA ROLLOVER IRA ROTH IRA SEP IRA
Manning & Napier Fund, Inc. Individual Retirement Account (IRA) TRADITIONAL IRA BENEFICIARY IRA ROLLOVER IRA ROTH IRA SEP IRA TABLE OF CONTENTS COMBINED DISCLOSURE STATEMENT 4 TRADITIONAL INDIVIDUAL RETIREMENT
More informationIRS Issues Final Roth 401(k) Distribution Rules
Important Information Plan Administration and Operation September 2007 IRS Issues Final Roth 401(k) Distribution Rules WHO'S AFFECTED This information applies to sponsors of and participants in 401(k)
More informationA Primer on IRAs. History
A Primer on IRAs This essay was originally published in Muhlenkamp Memorandum Issue 107, July 2013. It was the third essay of the series, The FRIDAY FOCUS on Retirement by Susen Friday, Client Service
More information2016 Tax Planning & Reference Guide
2016 Tax Planning & Reference Guide The 2016 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor
More information1040 Review Guide: MARKETS ADVANCED. Using Your Clients 1040 to Identify Planning Opportunities
1040 Review Guide: Using Your Clients 1040 to Identify Planning Opportunities ADVANCED MARKETS Producers Guide to a 1040 Review At Transamerica, we re committed to providing you and your clients with the
More informationROTH IRA REQUIREMENTS
Regarding Roth Individual Retirement Annuity (IRA) Plans Described in Section 408A of the Internal Revenue Code This Disclosure Statement ( Disclosure ) presents a general overview of the federal laws
More information2014 tax planning tables
2014 tax planning tables 2014 important deadlines Last day to January 15 Pay fourth-quarter 2013 federal individual estimated income tax January 27 Buy in to close a short-against-the-box position (regular-way
More informationCOMPENSATION & EMPLOYEE BENEFITS LAW BULLETIN A BIRDSEYE VIEW OF THE PENSION PROTECTION ACT OF 2006
COMPENSATION & EMPLOYEE BENEFITS LAW BULLETIN A BIRDSEYE VIEW OF THE PENSION PROTECTION ACT OF 2006 The Pension Protection Act of 2006 (the Act ) is arguably the most comprehensive pension reform legislation
More informationCOVERDELL EDUCATION SAVINGS ACCOUNT DISCLOSURE STATEMENT & CUSTODIAL ACCOUNT AGREEMENT
Disclosure Statement SPECIAL NOTE: The following information is provided to you in accordance with the requirements of the Internal Revenue Code (the Code ) and Treasury regulations and should be reviewed
More informationNew Alternatives Fund, Inc. INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA
New Alternatives Fund, Inc. INDIVIDUAL RETIREMENT ACCOUNT (IRA) TRADITIONAL IRA SEP IRA ROTH IRA TABLE OF CONTENTS COMBINED DISCLOSURE STATEMENT 3 TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT DISCLOSURE 4
More informationRetirement Plans Guide Facts at a glance
Retirement Plans Guide Facts at a glance Contents 1 What s Your Plan? 2 Small Business/Employer Retirement Plans 4 IRAs 5 Retirement Plan Distributions 7 Rollovers and Transfers 8 Federal Tax Rates and
More informationCustodial Account Agreement for Individual Retirement Accounts & Coverdell Education Savings Accounts
Custodial Account Agreement for Individual Retirement Accounts & Coverdell Education Savings Accounts For additional information, please contact us at (800) 341-8900 or visit www.permanentportfoliofunds.com.
More informationTable of Contents. Page 1
Table of Contents Frequently Asked Questions... 2 Individual Retirement Arrangements (IRAs)... 2 IRA Basics... 2 Why should I name beneficiaries for my IRA?... 2 Traditional IRAs... 9 Roth IRAs... 13 SEP
More informationCustodial Account Agreement
Custodial Account Agreement For Individual Retirement Accounts & Coverdell Education Savings Accounts Mail to: Direxion Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight
More informationSTATE STREET BANK AND TRUST COMPANY UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT INFORMATION KIT (EFFECTIVE JANUARY 1, 2015)
STATE STREET BANK AND TRUST COMPANY UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT INFORMATION KIT FOR INVESTMENT IN SEQUOIA FUND, INC. (EFFECTIVE JANUARY 1, 2015) 1 SEQUOIA FUND, INC. State Street Bank and Trust
More informationPRIMECAP Odyssey Funds
PRIMECAP Odyssey Funds Individual Retirement Account & Coverdell Education Savings Account Disclosure Statement & Custodial Account Agreement Table of Contents General Information...1 Disclosure Statement
More informationRoth IRAs The Roth IRA
Roth IRAs The Roth IRA 2010 and 2011 Questions & Answers What is a Roth Individual Retirement Account (Roth IRA)? A Roth IRA is a type of tax-preferred savings and investment account authorized by Internal
More informationCustodial Account Agreement
Custodial Account Agreement For Individual Retirement Accounts & Coverdell Education Savings Accounts Mail to: EntrepreneurShares c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701
More informationFranklin Templeton IRA
Investor s Guide Franklin Templeton IRA Traditional IRA Roth IRA Whether you are just starting to save or entering retirement, an IRA can be an important part of a sound financial strategy to meet your
More informationIMPORTANT INFORMATION ABOUT ROTH CONTRIBUTIONS
IMPORTANT INFORMATION ABOUT ROTH CONTRIBUTIONS What is a Roth 401(k)? Is it a new type of plan? No, it is not a new type of plan. Designated Roth contributions are a type of contribution that new or existing
More informationIRAs Traditional Individual Retirement Accounts. 2014 and 2015. Questions & Answers
IRAs Traditional Individual Retirement Accounts 2014 and 2015 Questions & Answers What is the purpose of this brochure? It summarizes the primary laws governing traditional IRAs for 2014 and 2015. What
More informationIRAs Traditional Individual Retirement Accounts. 2013 and 2014. Questions & Answers
IRAs Traditional Individual Retirement Accounts 2013 and 2014 Questions & Answers What is the purpose of this brochure? It summarizes the primary laws governing traditional IRAs for 2013 and 2014. What
More informationCESAs Coverdell Education Savings Accounts
CESAs Coverdell Education Savings Accounts Questions & Answers What is a Coverdell Education Savings Account? A Coverdell Education Savings Account is a type of tax-preferred savings and investment account
More informationcustodian which year to apply the contribution.
IRAFOCUS January 2016 IMPORTANT NEWS AND INFORMATION REGARDING YOUR SELF DIRECTED IRA IN THIS ISSUE Top Tips for Making Your 2015-2016 IRA Contribution Top Tips for Making Your 2015-2016 IRA Contribution
More informationAMENDMENT TO YOUR TRADITIONAL IRA
INDIVIDUAL RETIREMENT ANNUITY DISCLOSURE STATEMENT AMENDMENT This disclosure statement explains the rules governing a Traditional IRA. The term IRA will be used in this disclosure statement to refer to
More information401(k) Plan Executive Summary
401(k) Plan Executive Summary January 2016 3000 Lava Ridge Court, Suite 130 Roseville, CA 95661 Tel 916.773.3480 Fax 916.773.3484 6400 Canoga Avenue, Suite 250 Woodland Hills, CA 91367 Tel 818.716.0111
More informationTraditional IRA SEP IRA Roth IRA. Disclosure Statement & Custodial Account Agreement
Traditional IRA SEP IRA Roth IRA Disclosure Statement & Custodial Account Agreement Table of Contents Page in Document PART I COMBINED DISCLOSURE STATEMENT AND CUSTODIAL ACCOUNT AGREEMENT... 1 TRADITIONAL
More informationIndividual Retirement Account & Coverdell Education Savings Account Disclosure Statement & Custodial Account Agreement
Individual Retirement Account & Coverdell Education Savings Account Disclosure Statement & Custodial Account Agreement Mail to: Convergence Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee,
More informationWeb: www.aldavlaw.com Blog: www.californiatrustestateandprobatelitigation.com GIFTS TO MINORS
Web: www.aldavlaw.com Blog: www.californiatrustestateandprobatelitigation.com GIFTS TO MINORS Grandparents and other relatives and friends often desire to make lifetime gifts to or for the benefit of a
More informationTRADITIONAL IRA AND ROTH IRA. Plan Today for a Secure Tomorrow
TRADITIONAL IRA AND ROTH IRA Plan Today for a Secure Tomorrow INVESTMENT-LED. INVESTOR-FOCUSED. As an investment-led firm, we evaluate every decision from an investment perspective in an effort to achieve
More informationIndividual Retirement Account & Coverdell Education Savings Account. Disclosure Statement and Custodial Account Agreement
Individual Retirement Account & Coverdell Education Savings Account Disclosure Statement and Custodial Account Agreement Mail to: Monetta Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee,
More information