The Internal Revenue Service is giving approval for the back-door Roth. “Participants would be able to first contribute to a traditional non-deductible IRA then convert those funds to a Roth IRA, bypassing the Roth IRA contribution limits.”
Read more about it here.
Source: Financial Advisor Magazine
- According to the Tax Policy Center, these are the states that will see the most significant benefit under the new tax code.
- High –income families will most likely see the most benefit.
Now that the new tax law has been in effect for a few months, investors may be wondering what impact it will have on the economy, stocks, and bonds. Click here for some insights from Vanguard.
"The most significant of the Act's changes for retirement plans reduces the existing restrictions on hardship distributions from 401(k) and 403(b) plans". Click here to learn more.
Source: Ice Miller LLP
The "Tax Cuts and Jobs Act of 2017" have left some people confused and trying to understand how it will make an impact. Click here to learn what you should be addressing according to plan administrators and HR benefits managers.
Source: Holland & Knight
Retirement iindustry leaders think America needs to build on the existing system to help improve retirement readiness. "The retirement savings challenge is real and dead serious for millions of Americans. Social Security is facing a shortfall and one third of Americans have nothing saved." Click here to read more.
Source: NAPA Net
The IRS Tax Exempt and Government Entities (TE/GE) Knowledge Management team periodically issues research summaries called “Issue Snapshots” on tax-related issues for practitioners. They are posted on IRS.gov’s electronic reading room page under “Training and Reference Materials.” Bookmark and check the page often for helpful new materials.
Click here for a helpful article on IRA tax traps from Rande Spiegelman, Vice President of Financial Planning for the Schwab Center for Financial Research. Issues covered include:
- Contributions and investments
- Estate planning