IRA

The FY 2020 IRA level is 12.75 percent, or P73.4 billion higher than the FY 2019 IRA level at P575.52 billion, according to a Local Budget Memorandum 78 uploaded by DBM on its web site on Monday.

Note that such IRA contributions are permitted even if you also participate in an employer's retirement plan.

The lack of creditor protection for inherited IRAs can be addressed by naming a trust as the beneficiary of the IRA.

Those who invest in IRAs are committed contributors, the ICI says, noting that more than 70% of those who made a traditional IRA contribution in 2014 did so again in 2015.

Unlike a Roth IRA, the Roth 401(k), which was made permanent under the Pension Protection Act of 2006, has no income limit and the plans are "picking up steam every year as more people get to know about them" and more employers start offering them, Slott of IRAHelp.com told ThinkAdvisor in a Thursday interview.

Much has been written about the so-called "inherited" IRA concept.

There are only a few restrictions on what an IRA can invest in.

This means that if the contributions originally made to your traditional IRA were deductible, you may have to pay income tax on the amount converted to the Roth IRA.

Other than under a transition rule, below, an individual receiving an IRA distribution on or after Jan.

IRA guru Ed Slott, who runs IRAHelp.com--and provides countless seminars for advisors to help them grasp the mind-numbing complexities of rollovers--gave me on the same day the IRS guidance was released his top-10 list of where advisors make the most mistakes regarding rollovers.

For example, many investors enjoy the self-directed IRA's potential to include real estate.

The Tax Court held that a death benefit distribution from an IRA was taxable income to the beneficiary despite the beneficiary's intention to make a trustee-to-trustee transfer from the initial IRA trustee to a second IRA trustee.

For 2010, you may contribute up to $5,000 to a Roth IRA (less any contribution made to a traditional IRA).

Clients may have a traditional IRA that is funded on a pre-tax basis and taxed when distributions are made.

Prior to 2010, an individual was able to convert a traditional IRA to a Roth IRA, without incurring the 10 percent withdrawal penalty, if their modified adjusted gross income was less than $100,000 and if the taxpayer is not married filing separately.