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Category: Individual Tax|Retirement Planning

  • Will the IRS Take Action to Restrict Wealth Accumulation in IRAs?

    The Government Accountability Office just released a study regarding Individual Retirement Accounts and the enormous amount of deferred income that is currently accumulated in them. The report noted that an estimated 43 million taxpayers had IRAs with a reported fair market value of $5.2 trillion at the end of 2011, which results in an estimated…

  • Using a Longevity Annuity to Save for Retirement

    The U.S. Treasury Department recently announced that individuals are now allowed to invest a portion of their 401(k)s or IRAs into a longevity annuity. A longevity annuity, a type of deferred income annuity, provides a steady flow of income to an individual once they reach a certain age and continue to receive income for as…

  • What If Social Security Funds Ran Out?

    Have you ever wondered what would actually happen if the Social Security trust funds are exhausted (which is currently projected to occur in 2033 according to the Social Security Trustees Report)?  The Congressional Research Service has published a report that explores this seemingly inevitable scenario.  Read more on FAS.org

  • Roth 401(k) for Entrepreneurs

    Roth 401(k) for Entrepreneurs

    An easy to read article that discusses the advantages of the Roth 401(k) for entrepreneurs, including the ability to completely circumvent the required minimum distribution (RMD) issue.

  • IRS Reminds Taxpayers to Report 2010 Roth Conversions on 2012 Returns

    IRS Reminds Taxpayers to Report 2010 Roth Conversions on 2012 Returns

    Taxpayers who converted amounts to Roth IRAs or designated Roth accounts in 2010 and chose to defer the tax (under a special rule that applied only to 2010 conversion) must report half of the resulting taxable income on their 2012 returns. See IRS reminder here.