IRS rules that tax must be paid on IRA distribution

Article Abstract:

The IRS in Letter Ruling 199901029 determined that it did not have the power to waive the statutory requirements and extend the 60 day IRA rollover rule. The ruling concerned a later corrected rollover from an IRA to an inadvertently nonqualified account. The corrected rollover was not completed within the 60 day time period and resulted in the distribution's inclusion in income under IRC section 408(d).

Commercial Banks, Management, Rollovers (Finance)

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IRS issues guidance on Roth IRA reconversions

Article Abstract:

IRS guidance under IRC section 408A(d) concerning Roth IRA reconversions in Notice 98-50 is discussed. Reconversions occur where traditional IRAs were converted to Roth IRAs and reconverted to traditional IRAs. Substantive and procedural rules are included in the guidance.

Tax Law, Public Finance Activities, Personal Income Tax Administratn, Tax administration, Personal income tax

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Roth IRA update

Article Abstract:

The authors discuss tax law and planning concerning Roth IRAs. Issues discussed include contributions, distributions, and rollovers.

Personal Tax Planning, Analysis, Personal finance, Tax planning, Retirement planning

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