IRA Rollovers

News & Analysis as of

White House Budget Recommends Elimination of in-Plan Roth Rollovers of After-Tax Contributions

As reported, the Internal Revenue Code currently permits a plan design that allows plan participants to convert non-Roth after-tax contributions to Roth contributions through in-plan Roth rollovers. This design would allow a...more

End of 2014 Tax Law Changes

ABLE Accounts: A new law titled “Achieving a Better Life Experience” (ABLE) allows the establishment of tax-free accounts that can be used to save for disability-related expenses. ABLE accounts can be created by individuals...more

In-Plan Roth Rollovers and After-Tax Contributions: Maximizing Deferrals with Limited Future Tax Liability

Plan sponsors seeking to provide employees with the ability to make after-tax contributions to a 401(k) plan may be interested in adding, along with the common Roth contribution feature, non-Roth after-tax contribution and...more

FINRA Releases 2015 Broker-Dealer Exam Priorities

On January 6, 2015, the Financial Industry Regulatory Authority ("FINRA") released its 2015 Regulatory and Examinations Priorities Letter highlighting a number of compliance areas that FINRA examiners will focus on in the...more

How Often Can You Make an IRA Rollover?

The short answer is that it depends on the type and timing of prior IRA rollovers, as well as which IRA and type of IRA makes the distribution and which type receives the rollover. A "rollover" occurs when you withdraw cash...more

Client Alert: New Safe Harbor 402(f) Notice

On November 24, 2014, the Internal Revenue Service (IRS) issued Notice 2014-74, which updates and amends the safe harbor explanations for eligible rollover distributions to reflect recent changes in the law. ...more

President Approves One-Year Extension of Charitable IRA Rollover

On December 19th, President Obama signed H.R. 5771, known as the “Tax Increase Prevention Act of 2014.” Among other things, this legislation extends the favorable charitable IRA rollover rule to gifts made in 2014. ...more

Were These The Extenders That We Were Waiting For?

The Senate on December 16 passed a tax bill that retroactively extends a package of fifty-five tax provisions through the end of 2014. In other words, by the time President Obama signs the new law, it will remain in effect...more

One 60-Day IRA Rollover Per Year Is The Final Answer

Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues. However, the Publications were not part of petitioner’s...more

IRS Provides Protection against Upcoming Change in Rollover Rules

Today, in Announcement 2014-32 (the "Announcement"), the Internal Revenue Service clarified the rules that will apply going forward when an owner of an individual retirement arrangement (IRA) seeks to roll over a distribution...more

Estate Planning Pitfall: Watch out for IRA traps

An IRA can be a valuable estate planning tool, offering tax-deferred growth (tax-free in the case of a Roth IRA) and asset protection. But two recent developments create traps for the unwary: the “one-rollover-per-year” rule...more

High Net Worth Family Tax Report, Vol. 9, No. 2

What You Need to Know About Corporate Inversions - It seems like every day brings news of another possible corporate inversion transaction. The news reports usually describe these transactions as another United States...more

Accepting Rollover Contributions Now Easier - and Less Risky - For Retirement Plans

The administrative burden of determining the validity of rollover contributions to qualified retirement plans, and the associated risk of jeopardizing the plan’s tax-qualified status, traditionally has been a significant...more

IRS Issues Final Regulations On Longevity Annuities

With the goal of providing retirees with more options to manage their retirement income, the IRS issued final regulations on “qualified longevity annuity contracts” (QLACs). A QLAC is a type of deferred annuity that commences...more

Change in One-Per-Year Rollover Rules on IRA

Typically a taxpayer does not have to include in gross income an amount distributed from an IRA if the funds are placed into another IRA within 60 days. This is often called a rollover. To avoid abuse of the exclusion, it...more

Limitation on IRA Rollovers: Once Per Year Only

The Internal Revenue Service (“IRS”) has narrowed the rules relating to Individual Retirement Account (“IRA”) rollovers by withdrawing longstanding proposed rules to reflect a recent U.S. Tax Court ruling in Bobrow v....more

Employee Benefits Developments - June 2014

In This Issue: - Rulings, Opinions, Etc. ..Validating Rollover Contributions: New Guidance - Case ..Stock Drop Case Development: The Supreme Court Rejects The Presumption Of Prudence ..Dividend...more

Control Is Everything

In Private Letter Ruling 201423043, (“PLRs” only apply to the taxpayer involved but are often used as “guidance”, and not “precedent”, by taxpayers and the IRS.) the IRS ruled that a surviving spouse could roll over her...more

IRS Takes New Position on IRA 60-Day Rollover Rule: Bobrow v. Commissioner, T.C. Memo 2014-21

In light of its recent Tax Court victory in Bobrow v. Commissioner, the IRS is taking a tougher stance on a taxpayer's ability to make more than one tax-free/penalty-free IRA rollover per year. This change in policy will take...more

New IRA Rollover Interpretation Has Implications For Banks

In a new interpretation with implications for banks, the Internal Revenue Service (IRS) announced its intent to change course and limit rollovers from an Individual Retirement Account (IRA) to one rollover per year per...more

Rollover Contributions: What Plan Administrators Need to Know

Retirement plan administrators routinely receive requests from employees to accept rollover contributions of amounts held in a prior employer’s qualified plan or, in some cases, an IRA. When processing these requests, plan...more

Employee Benefits Developments - April 2014

Supreme Court Holds Severance Payments Are Subject to FICA Taxes - Reversing a decision by the Sixth Circuit Court of Appeals, the U.S. Supreme Court ruled unanimously that severance payments to employees who were...more

IRS Changes Position on Non-Taxable IRA Rollover Contributions

The U.S. Tax Court recently decided that the one-per-year IRA rollover limitation in 26 U.S.C. § 408(d)(3)(B) applies in the aggregate to all of the taxpayer’s IRA accounts rather than separately to each of a taxpayer’s IRA...more

FINRA’S Reminder About Rollovers: News To Many

A number of government and regulatory agencies—the Government Accountability Office (the GAO), the Department of Labor (the DOL) and, most recently, the Securities and Exchange Commission (the SEC), and the Financial Industry...more

New Guidance – Is that Rollover Contribution Valid?

Since 1992, the ability to move retirement money from one qualified plan to another qualified plan or individual retirement account has been simplified. One hiccup in this easing process has been determining the level of due...more

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