Category Archives: IRA

Don’t lose part of your IRA inheritance to penalties

If you inherit an Individual Retirement Account from someone other than your spouse, you may be surprised to learn you have to take distributions. That’s generally the case whether the IRA is a traditional or a Roth account. If you fail to take the distributions as required, you may owe a penalty of as much as 50% of the amount… (more…)

Be aware of these four IRA rules

If you have an individual retirement account, you’re aware of how complicated the rules can get. Here are four to remember as you prepare your 2015 federal income tax return. 1. Are you searching for one more tax deduction? It’s not too late to contribute to your IRA and claim a deduction for 2015. Under current tax rules, you can… (more…)

Count the ways you can fund your myRA

A myRA (“my Retirement Account”) is a simplified Roth IRA that belongs entirely to you. Roth annual contribution limits apply to these retirement accounts and your funds are invested in government-guaranteed Treasury securities. You can choose to contribute to your account from your paycheck by completing a direct deposit authorization form and giving it to your employer. In addition, the… (more…)

Making an IRA change could be tax-smart

Did you convert all or part of a retirement account to a Roth during 2014? And do you now wish you hadn’t? Here’s some good news: You have until October 15, 2015, to change your mind, even if you already filed your federal income tax return. The tax term for undoing the conversion and switching your funds back to a… (more…)