Denise Appleby

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  1. Can I still set up an SEP if one of my employees refuses ...
    Retirement

    Can I still set up an SEP if one of my employees refuses ...

    You can establish the SEP IRA, even if the employee refuses to participant. However, you would need to establish an IRA for the employee, assuming he or she is eligible, and deposit his or her contribution ...
  2. How can I make sure I get all my eligible deductions?
    Retirement

    How can I make sure I get all my eligible deductions?

    Most tax preparation software does a good job. However, like any recipe, the end results are only as good as what goes into it. As such, whether you use tax preparation software or the services of a tax ...
  3. Can I roll a Traditional IRA into a 529 college account ...
    Retirement

    Can I roll a Traditional IRA into a 529 college account ...

    A 529 plan, also known as a "qualified tuition program", is an investment vehicle that allows individuals to save for education expenses at an eligible education institution. "Eligible education institution" ...
  4. After-Tax Balance Rules For Retirement Accounts
    Taxes

    After-Tax Balance Rules For Retirement Accounts

    Accumulating post-tax assets can work to your advantage. Find out how.
  5. I have some stocks in a taxable account. Can I use them ...
    Retirement

    I have some stocks in a taxable account. Can I use them ...

    Regular IRA contributions must be made in cash. Contributions of securities are not allowed. Internal Revenue Code Section § 219(e)(1) and IRS Publication 590 provide detailed information about IRA contribution ...
  6. I want to close my IRA account. What percentage will I lose ...
    Retirement

    I want to close my IRA account. What percentage will I lose ...

    You can move the amount by means of a trustee-to-trustee transfer to another IRA, or roll over the amount to your 401(k). You would need to check with your current employer to determine if it will allow ...
  7. I am starting a limited liability company (LLC). I will ...
    Entrepreneurship

    I am starting a limited liability company (LLC). I will ...

    In a word, yes. A limited liability company (LLC) is eligible to establish a simplified employee pension (SEP). Keep in mind that plan contributions (including SEPs) are usually based on W-2 wages if the ...
  8. I earn more than the income limit for both a Roth and Traditional ...
    Retirement

    I earn more than the income limit for both a Roth and Traditional ...

    It is always a good choice to fund the individual retirement account (IRA), even if the owner is not eligible to claim the deduction. The IRA owner can still choose to invest the amount in the same funds ...
  9. New Retirement Plan Limits For 2011
    Taxes

    New Retirement Plan Limits For 2011

    New changes to the law can have a huge impact on your nest egg.
  10. Changes In Tax Legislation And Regulation
    Taxes

    Changes In Tax Legislation And Regulation

    Keeping on top of these amendments can help you avoid penalties and take advantage of benefits.
  11. Borrowing From Your Retirement Plan
    Retirement

    Borrowing From Your Retirement Plan

    Left with no alternative but to take money out from your retirement savings? Here are some guidelines.
  12. Tax Treatment Of Roth IRA Distributions
    Taxes

    Tax Treatment Of Roth IRA Distributions

    Learn the requirements for withdrawing funds tax and penalty free.
  13. Preparing For Retirement Plan RMD Season
    Taxes

    Preparing For Retirement Plan RMD Season

    Paying taxes is inevitable - that's why you need to learn about the rules for required minimum distributions.
  14. Don't Forget The Kids: Save For Their Education And Retirement
    Savings

    Don't Forget The Kids: Save For Their Education And Retirement

    Retirement and education financing are the two most important planning items for taxpayers.
  15. I have a small business, and I'm considering setting up ...
    Entrepreneurship

    I have a small business, and I'm considering setting up ...

    Generally, a leased employee is the employee of an outside organization from which you lease the employee's services. For instance, you may use the services of a payroll clerk who is really employed by ...
  16. What effect will a prenuptial agreement have on a 401(k)?
    Retirement

    What effect will a prenuptial agreement have on a 401(k)?

    Courts have ruled that a prenuptial agreement for qualified plan (including 401(k)) assets is invalid. The logic is that only a spouse can give up the rights to spousal benefits. When someone signs a prenuptial ...
  17. Is there a limit on how much I can move from my IRA to my ...
    Retirement

    Is there a limit on how much I can move from my IRA to my ...

    There is no limit on the amount that can be converted from your Traditional IRA to your Roth IRA. As you may already know, your modified adjusted gross income must be $100,000 or less and your tax filing ...
  18. I am a first-time home buyer. If I take a distribution from ...
    Retirement

    I am a first-time home buyer. If I take a distribution from ...

    As you may already know, you must meet certain requirements, outlined in the 401(k) plan document, to be considered eligible to receive a distribution from the plan. Your employer or plan administrator ...
  19. If I participate in my company’s SIMPLE IRA plan, ...
    Retirement

    If I participate in my company’s SIMPLE IRA plan, ...

    Because the SIMPLE IRA contribution limits are much lower than the 401(k) limits, it might at first seem unfair that you can't get a larger a tax deduction with an additional IRA contribution. However, ...
  20. What aids will help me file my own tax return?
    Retirement

    What aids will help me file my own tax return?

    Most of us will shy away from doing our own tax returns, especially if it involves reporting capital gains or losses, education expenses or deducting interest paid on mortgages, and we prefer to have it ...
  21. What is a good book on creating a trust that would qualify ...
    Retirement

    What is a good book on creating a trust that would qualify ...

    "Life And Death Planning For Retirement Benefits" has all you need and more. If you read this book, you won't need any luck.To learn more about designating a beneficiary, check out Who Is The Beneficiary ...
  22. Health problems caused me to take my RMD after the deadline. ...
    Retirement

    Health problems caused me to take my RMD after the deadline. ...

    When you missed your required minimum distribution (RMD), you should have sent in a letter of explanation and filed IRS Form 5329 with your tax return. If you did not do so, you will still need to file ...
  23. Can I contribute to both a 401(k) and an IRA?
    Retirement

    Can I contribute to both a 401(k) and an IRA?

    If you contribute to your 401(k) account, you may still contribute to a Roth IRA and/or a Traditional IRA; however, your participation in the 401(k) plan may affect your ability to take a tax deduction ...
  24. Moving Retirement Plan Assets: How To Avoid Mistakes
    Retirement

    Moving Retirement Plan Assets: How To Avoid Mistakes

    Sometimes things go wrong in a simple transfer of funds. Make sure you know how to avoid penalties.
  25. Can 529 plans be used to transfer wealth to other family ...
    Retirement

    Can 529 plans be used to transfer wealth to other family ...

    Yes, the 529 plan (also known as a "qualified tuition program") allows you to distribute and roll over funds from one 529 plan to another 529 plan for the benefit of a member of the original beneficiary's ...
  26. I have a small business (LLC), which I operate part-time. ...
    Entrepreneurship

    I have a small business (LLC), which I operate part-time. ...

    As long as you have no ownership in the company for which you work full-time and the only relationship you have with the company is as an employee, you can establish an independent 401(k) for your limited ...
  27. Are the distribution rules for 401(k) and 403(b) plans the ...
    Retirement

    Are the distribution rules for 401(k) and 403(b) plans the ...

    The distributions are different for IRAs, qualified plans and 403(b) plans.For IRAs, qualified plans (such as 401(k), money purchase and profit sharing plan), and 403(b) plans, distributions that occur ...
  28. Can a simplified employee pension (SEP) IRA be converted ...
    Retirement

    Can a simplified employee pension (SEP) IRA be converted ...

    Yes. An SEP IRA can be converted to a Roth IRA.As you may know, an SEP IRA is just a Traditional IRA that receives employer SEP contributions. Once the SEP contributions are made to the account, they immediately ...
  29. If a company undergoes an acquisition can an employee withdraw ...
    Retirement

    If a company undergoes an acquisition can an employee withdraw ...

    Although the participant may be eligible to withdraw the funds if a plan is terminated as a result of an acquisition or other similar transaction, this does not mean that the 10% penalty will be waived. ...
  30. My spouse has little/no income. Can I contribute to my spouse's ...
    Retirement

    My spouse has little/no income. Can I contribute to my spouse's ...

    Yes. You may make a Traditional IRA contribution to your spouse's Traditional IRA because you have eligible compensation.There is no income limit for contributing to a Traditional IRA. However, although ...
  31. I am in my mid thirties and have nothing invested for retirement. ...
    Retirement

    I am in my mid thirties and have nothing invested for retirement. ...

    It is never too late to start saving for retirement. Even starting at age 35 means you will have more than 30 years to save.The type of IRA you choose is usually determined by your individual circumstances ...
  32. What is the difference between a Traditional and a Roth ...
    Retirement

    What is the difference between a Traditional and a Roth ...

    The main difference between a Traditional and a Roth IRA is the way contributions are deducted for tax breaks. Whereas contributions to Traditional IRAs are either deductible or non-deductible, Roth IRA ...
  33. Are there special benefits for U.S. armed forces personnel?
    Retirement

    Are there special benefits for U.S. armed forces personnel?

    If you are a member of the military, you may be afforded special tax benefits that might not be available to other taxpayers. These include the following:Automatic ExtensionIf you are serving in a combat ...
  34. Does the five-year rule apply if a non-spouse inherits an ...
    Retirement

    Does the five-year rule apply if a non-spouse inherits an ...

    The five-year rule applies only when the IRA owner dies before the required beginning date (RBD). If the IRA owner dies after the RBD and did not satisfy the required minimum distribution (RMD) for the ...
  35. I work for two companies. How much can I contribute to each ...
    Retirement

    I work for two companies. How much can I contribute to each ...

    It depends.If you work for two companies that are unrelated and unaffiliated, you can make salary deferral contributions of up to $20,500 between the two plans with no more than $13,000 going to one of ...
  36. Tips On How To Use IRAs To Boost Retirement Savings
    Retirement

    Tips On How To Use IRAs To Boost Retirement Savings

    According to the Trustees of the Social Security Fund, the fund will be depleted by 2037. Are you ready?
  37. Business Owners: Rules For Qualified Retirement Plans
    Entrepreneurship

    Business Owners: Rules For Qualified Retirement Plans

    Business owners need to take note of how they handle qualified-plan distributions to former employees.
  38. Keeping Track Of Retirement Plan Assets
    Retirement

    Keeping Track Of Retirement Plan Assets

    Maintain records of your pension benefits or risk losing them.
  39. Tax-Saving Advice For IRA Holders
    Taxes

    Tax-Saving Advice For IRA Holders

    Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.
  40. 3 Retirement Plan Moves To Make Before Year-End
    Taxes

    3 Retirement Plan Moves To Make Before Year-End

    If you don't know what must be done before December 31 you may miss opportunities - or even pay penalties.
  41. My husband left his ex-wife as his retirement plan beneficiary. ...
    Retirement

    My husband left his ex-wife as his retirement plan beneficiary. ...

    Even when assets are divided following a divorce, in many cases, former spouses and heirs engage the services of attorneys and the courts to determine the beneficiaries of the retirement-plan assets of ...
  42. Earnings within a Roth IRA are tax free, so are these earnings ...
    Retirement

    Earnings within a Roth IRA are tax free, so are these earnings ...

    There are two possible answers to this question, depending on whether or not the distribution from the Roth IRA is qualified.Earnings on investments within a Roth IRA are neither subject to income tax ...
  43. Are any special forms or documents required when transferring ...
    Retirement

    Are any special forms or documents required when transferring ...

    Most firms require that you complete their account transfer request form, which they use to request the transfer of assets (to your receiving account) on your behalf. Other than this document and the paperwork ...
  44. I own a small business. Can the SBO-401(k) work for me?
    Entrepreneurship

    I own a small business. Can the SBO-401(k) work for me?

    The SBO-401(k) can only be adopted by businesses in which only the business's owners are eligible participants in the plan. The ideal candidate for the SBO-401(k) is an employer who has employees, they ...
  45. Is it possible to reverse an IRA? I received a QDRO and ...
    Retirement

    Is it possible to reverse an IRA? I received a QDRO and ...

    Because a qualified domestic relations order (QDRO) is a court order, it cannot be reversed once it is received and processed by the retirement plan. If the instructions to reverse the QDRO were issued ...
  46. Can an employer adopt a different type of retirement plan ...
    Retirement

    Can an employer adopt a different type of retirement plan ...

    Generally, any qualified retirement plan or IRA-based plan adopted by an employer must cover all eligible employees. Failure to do so could result in plan disqualification. For example, suppose that a ...
  47. Distribution Rules For Inherited Retirement Plan Assets
    Taxes

    Distribution Rules For Inherited Retirement Plan Assets

    If you've recently inherited a retirement plan, you must get to know the rules for distributing the funds.
  48. IRA Assets And Alternative Investments
    Retirement

    IRA Assets And Alternative Investments

    Interested in non-traditional investing? Make sure you follow the rules to avoid prohibited transactions.
  49. 3 Reasons To Use An Employer-Sponsored Retirement Plan
    Retirement

    3 Reasons To Use An Employer-Sponsored Retirement Plan

    If you aren't participating in your employer-sponsored retirement plan, you're missing out! Learn the benefits.
  50. Can I close my existing Roth IRA and invest in a new Roth ...
    Retirement

    Can I close my existing Roth IRA and invest in a new Roth ...

    If If you withdraw your Roth IRA contribution, the amount will be tax and penalty free. If your initial contribution accrued earnings while in the Roth IRA and you also withdraw the earnings, the earnings ...
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