IRA Rollovers

News & Analysis as of

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

IRS Offers Two New Due Diligence Safe Harbor Procedures for Accepting Rollovers into Qualified Plans

On April 3, 2014, the Internal Revenue Service released Revenue Ruling 2014-9 (the Ruling), which provides guidance helpful to the administration of rollovers by tax-qualified retirement plans by...more

Tax Alert: IRS Announces Further Restriction on One-IRA-Rollover-Per-Year Rule - More guidance forthcoming after reversal of its...

The Internal Revenue Service has announced that beginning as early as January 1, 2015, taxpayers will be limited to one IRA rollover in any 12-month period, regardless of the number of IRAs owned. (See Announcement 2014-15)....more

IRS To Apply One-Rollover-Per-Year Limit on IRA Rollovers

The Internal Revenue Service (IRS) has provided guidance that it will follow a recent tax court decision interpreting an Internal Revenue Code requirement allowing taxpayers to complete only one rollover per year from an...more

Compliance Matters: Red Rover, Red Rover – IRA Rollover

Since 2008, we have heard all kinds of troubling news about unemployment, the changing economy and job loss. At the same time, we have experienced a bull market that is about to celebrate its fifth anniversary. Individual...more

Additional Guidance On In-Plan Rollovers to Roth Accounts

On December 11, 2013, the IRS issued Notice 2013-74 to provide guidance regarding "in-plan Roth rollovers" (also commonly referred to as "in-plan Roth conversions"). This Notice builds on Notice 2010-84 which addressed...more

Employee Benefits Developments February 2014

RULINGS, OPINIONS, ETC. - IRS Issues Guidance on Expanded In-Plan Roth Rollover Rules - The Small Business Jobs Act of 2010 enacted rules under which 401(k), 403(b), and governmental 457(b) plans may provide for...more

Roll Over, Bobrow: Surprising Tax Court Decision on IRA Rollover Rules

On January 28, 2014, the U.S. Tax Court held in Bobrow v. Commissioner that the rule limiting IRA rollovers to one per 12-month period in Internal Revenue Code Section 408(d)(3)(B) applies across all of a taxpayer’s IRAs,...more

FINRA and SEC to Focus on IRA Rollover Practices in 2014

Financial institutions should prepare for increased regulatory scrutiny. The Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC) released their examination priorities...more

New Opportunities For In-Plan Roth Rollovers

In furtherance of Section 902 of the American Taxpayer Relief Act of 2012 (ATRA), the Internal Revenue Service (IRS) recently issued Notice 2013-74 updating prior IRS guidance regarding so-called “in-plan” Roth conversions...more

IRS Issues Notice on Expanded In-Plan Roth Conversion Option

Guidance confirms that plan sponsors have flexibility in designing and implementing a feature that allows participants to convert vested pre-tax balances to after-tax Roth balances....more

IRS Provides New Guidance on In-Plan Roth Rollovers

On December 11, 2013, the IRS issued IRS Notice 2013-74 which provides guidance on in-plan Roth rollovers. An in-plan Roth rollover is a rollover within a Section 401(k), Section 403(b) or governmental Section 457(b) plan to...more

IRS Issues In-Plan Roth Rollover Guidance

The Internal Revenue Service has issued long-awaited guidance regarding the ability for participants in section 401(k), 403(b), and governmental 457(b) plans to convert balances from pre-tax and after-tax sources into Roth...more

What DOMA’s Demise Means for New York Employers and Benefit Plan Sponsors

On June 26, 2013, in United States v. Windsor, 133 S. Ct. 2675 (2013), the United States Supreme Court ruled that Section 3 of the Defense of Marriage Act of 1996 (“DOMA”) violated the Fifth Amendment’s equal protection...more

DOMA’S Demise Has Broad Impact on U.S. Benefit Plans: Prepare for new claims and practices

When you heard about the invalidation of the part of the Defense of Marriage Act (DOMA) that defined marriage as between a man and a woman by the United States Supreme Court, you probably thought: “Now my plan is going to...more

Insight on Estate Planning - February/March 2013: Fiscal cliff deal brings some certainty to estate planning

Congress’s eleventh-hour deal to avert the “fiscal cliff” produced the American Taxpayer Relief Act of 2012 (ATRA). The act focuses on income taxes, but it also provides much-needed certainty for people engaged in estate...more

American Taxpayer Relief Act Affects Mass Transit Benefits and Other Employee Benefits

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 ("ATRA") into law. ATRA, adopted as an alternative to stepping over the "fiscal cliff," preserves most of the Bush-era tax cuts and...more

Rates of Change: The Effect of the American Taxpayer Relief Act of 2012 on Individual and Fiduciary Income Taxes

For all the public discussion in 2012 of the need for a significant reformation and restructuring of the Internal Revenue Code, the income tax provisions of the American Taxpayer Relief Act of 2012 (the 2012 Act) are at their...more

IRS Announces Deadline to Make 2012 Charitable/IRA Rollovers

On January 16, 2013, the IRS issued a notice (IR-2013-6) advising that certain IRA owners have a limited time to make tax-free transfers to eligible charities and have them count for 2012. IRA owners age 70½ or older have...more

Using the Family Investment Company to Access Your Pension Plan Assets

Overview - The wait is over. The taxpayer got dangled over the Fiscal Cliff and was allowed to have a controlled fall. For the high income taxpayer, the fall resulted in a broken ankle, bruised ribs and a minor...more

American Taxpayer Relief Act Of 2012 Impact On Charitable Giving And Exempt Organizations

The American Taxpayer Relief Act of 2012 (the “Act”) was passed by the United States Congress on January 1, 2013 and signed into law by President Obama on January 2, 2013. The following provisions of the Act should be of...more

Taxpayers Can Double Up On Direct IRA Distributions To Charity In January

Taxpayers with IRA balances incur income when they are required to take minimum distributions from their IRAs. Oftentimes, the minimum distributions can be quite large, if their IRA has a large balance from a rollover of...more

Significant Estate Planning Developments in 2013

The American Taxpayer Relief Act of 2012 (Act) was enacted on January 2, 2013....more

Congress Avoids the Fiscal ‘Cliff’—Now What?

The new federal tax bill establishes permanent income, estate, gift and generation-skipping transfer tax provisions that present additional planning opportunities for 2013 and beyond. ...more

New Tax Act's Impact on Planning for Charitable Donations

New Year's Day brought new tax legislation passed by Congress, called the American Taxpayer Relief Act of 2012 (the "Act"), which President Obama has signed into law. The Act has made some important changes to the tax law...more

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