Taxation of Individual Retirement Accounts
Author | : David J. Cartano |
Publisher | : CCH |
Total Pages | : 1172 |
Release | : 2009-04 |
Genre | : Reference |
ISBN | : 9780808020011 |
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Author | : David J. Cartano |
Publisher | : CCH |
Total Pages | : 1172 |
Release | : 2009-04 |
Genre | : Reference |
ISBN | : 9780808020011 |
Author | : United States. Internal Revenue Service |
Publisher | : |
Total Pages | : 284 |
Release | : 1990 |
Genre | : Individual retirement accounts |
ISBN | : |
Author | : David J. Cartano JD |
Publisher | : |
Total Pages | : 1182 |
Release | : 2010-04 |
Genre | : |
ISBN | : 9780808023012 |
Author | : Jason J. Fichtner |
Publisher | : |
Total Pages | : 0 |
Release | : 2005 |
Genre | : |
ISBN | : |
For many senior citizens, individual retirement plans, such as IRAs and 401(k)s, are a primary saving vehicle for retirement. Along with Social Security, individual retirement plans ("IRPs") represent a major source of money for retirement. However, even though IRPs are a valuable saving vehicle for many seniors, many IRPs have one major drawback: the forced distribution of assets and the associated taxation of those assets for senior citizens at age 70-1/2 for traditional IRAs and the later of age 70-1/2 or the year in which the account holder retires for 401(k)s. This requirement forces many seniors to take distributions when they do not need them Worse, in cases of a down market, the forced distributions may require seniors to sell assets at depressed prices to pay taxes, even if investment losses have been incurred. This study addresses the minimum distribution requirement that effectively forces senior citizens to withdraw funds from IRPs or face a 50 percent excise tax, the reasoning behind the requirement, and the economic harm it can have on seniors, and some policy alternatives to this requirement that would help mitigate the bias against seniors and their retirement that this requirement creates. This study proposes several options that would either repeal or modify the minimum age requirement for forced distributions beginning at age 70-1/2. These options include: repeal, limited repeal, an increase in the minimum withdrawal age, a limited exclusion, a credit for excess withdrawals, allowing losses to be applied to other gains, and a grace period. Any of the proposals would enhance efficiency by providing seniors with the choice of determining when it is in their best interest to make a withdrawal from their IRP, how much to withdraw and subsequently pay the appropriate tax. The individual is in the best position to know when is the right time to elect to make withdrawals, not the government. Further, forcing seniors to sell assets in market conditions that have reduced their retirement plan assets may undermine the retirement security of seniors and produce less tax revenue to the government.
Author | : David J. Cartano |
Publisher | : |
Total Pages | : 0 |
Release | : 2001 |
Genre | : Annuities |
ISBN | : 9780735525931 |
Author | : Martin Fleisher |
Publisher | : Aspen Publishers |
Total Pages | : 0 |
Release | : 2007 |
Genre | : Electronic books |
ISBN | : 9780735565869 |
Individual Retirement Account Answer Book is designed to provide quick, accurate, and timely information pertaining to traditional and Roth IRAs that concerns accountants, attorneys, financial planners, mutual fund brokers, and other pension professionals. The Fourteenth Edition provides you with: Accurate answers to virtually every IRA question Clear explanations of IRA reporting and disclosure requirements Strategies for tax, estate, and retirement planning Full guidelines for establishing traditional and Roth IRAs, SIMPLEs, SEPs, and ESAs Tax-cutting tips, examples, calculations, and worksheets State rules on taxation of traditional IRA and Roth IRA distributions Financial and estate planning strategies involving IRAs The Fourteenth Edition brings practitioners up to date on congressional and administrative agency actions affecting all IRAs And The Coverdell ESA, including: IRS guidance on rollovers by nonspouse beneficiaries from qualified plans to "inherited" IRAs, including application of the life-expectancy rule for determining minimum distributions (Notice 2007-7, As subsequently clarified by the IRS in Employee Plan News) Direct rollovers from qualified plans to Roth IRAs, permitted as of 2008 if conversion requirements are met Income exclusion and exemption from the early distribution penalty for an individual's onetime rollover of a qualified health savings account funding distribution ERISA Advisory Opinion 2006-09A, holding an IRA investment in notes of corporation having majority ownership related To The IRA owner to be a prohibited transaction and more!
Author | : Josh Scandlen |
Publisher | : Createspace Independent Publishing Platform |
Total Pages | : 78 |
Release | : 2018-07-16 |
Genre | : Finance, Personal |
ISBN | : 9781723234736 |
John and Judy are in the 12% tax bracket. But when they took $10k from their IRA they had a 50% tax increase. Why? When John died Judy's income went down by 33% but her taxes went UP! Why? Isn't interest on municipal bonds tax free? Then why did it cause John and Judy's taxes to increase? When Judy took out $20k to take her daughter on a cruise it cost her $9,908 in taxes. Yet when Jane did the same it cost her nothing. And they both have $80k in total income. Why? When Bob took out $10,000 from his IRA his taxes tripled. Why? Why did Bob's Medicare premiums nearly double when he took out an extra $10k from his IRA? When Jenny, a divorced gas station attendant making $35k a year, inherited an IRA from her mom she lost 25% in Federal taxes. Why? In this book we're not only going to answer these questions but we're also going to show you what you should be doing NOW to avoid the stealth tax increases retirees face but are ignorant of...until it's too late.
Author | : Congressional Research Service: The Libr |
Publisher | : BiblioGov |
Total Pages | : 26 |
Release | : 2013-11 |
Genre | : |
ISBN | : 9781293245989 |
In the interest of encouraging workers to save for retirement, Congress has authorized several kinds of retirement savings plans that qualify for reduced or deferred income taxes. These plans provide a financial incentive for people to save, either by allowing workers and employers to deduct from income the amount they contribute to the plan or to take tax-free distributions from the plan after they retire. This CRS Report summarizes the provisions of law that govern the taxes applicable to pre-retirement distributions from retirement accounts, and the situations in which distributions must be taken from a plan in order to avoid a tax penalty. It also briefly describes changes to these laws proposed in the Administration's FY2004 budget. In 2000, 61 million Americans owned an individual retirement account (IRA) or participated in an employer-sponsored retirement savings plan. The Office of Management and Budget (OMB) has estimated that the tax revenue foregone through the exclusion of retirement savings plan contributions and investment earnings from taxable income will total $463 billion from 2004 through 2008, making it the second largest federal tax expenditure. Because tax-deductible contributions to retirement plans and deferral of taxes on investment earnings reduce federal income tax collections, Congress has ...
Author | : United States. Internal Revenue Service |
Publisher | : |
Total Pages | : 32 |
Release | : 1990 |
Genre | : Annuities |
ISBN | : |
Author | : United States. Internal Revenue Service |
Publisher | : |
Total Pages | : 12 |
Release | : 1988 |
Genre | : Tax administration and procedure |
ISBN | : |