In March, the IRS announced it would follow the Bobrow decision but, acknowledging its contrary guidance in Publication 590, Individual Retirement Arrangements
(IRAs), and never-finalized 1981 proposed regulations, said it would delay application of the aggregate limitation until 2015 (see prior Tax Matters coverage: "Rollover Contribution to Second IRA Disallowed," May 2014, page 61, and "Multiple IRA Rollover Case Settled," July 2014, page 84).
Individual retirement arrangements
(IRAs), including both individual retirement accounts and individual retirement annuities, can be established by many taxpayers.
7 billion to Individual Retirement Arrangements
Individual Retirement Arrangements
(IRAs) are exactly what their name implies--retirement accounts that an individual can set up for her or his own benefit.
Pentagon Federal gives you a variety of market-leading, federally insured savings options, including Regular Share accounts, which earn a basic rate of return; Money Market Savings Accounts and Certificates, offering a higher rate of return and flexible savings options; and Individual Retirement Arrangements
(IRAs), including Traditional, Roth, or Education IRAs; or choose our IRA Premier, offering money market-like returns on minimum transfers and balances of $10,000.
While the guide provides very detailed coverage of distributions from employer-sponsored qualified retirement plans, an excellent analysis of distributions from individual retirement arrangements
(IRAs), simplified employee pensions (SEPs), SIMPLE retirement plans, Roth IRAs, and tax-sheltered annuity arrangements of tax-exempt organizations is also provided.
590, Individual Retirement Arrangements
, Important Changes, states that an IRA interest can be transferred by either changing the name on the IRA to the nonparticipant spouse's or by directing the IRA trustee to transfer the IRA assets to the trustee of the nonparticipant spouse's IRA.
The purpose of this article is to provide guidance for practitioners retained to assist with crucial decisions to be made by non-spouse beneficiaries of individual retirement arrangements