Here’s a sample of questions my clients commonly have about retirement plan rollovers.
Withdrawals from a 401(k) account are difficult if you’re still employed by the company offering the 401(k). Withdrawals are allowed in certain circumstances — such as to avoid foreclosure — but are still subject to income tax and sometimes to the 10% early withdrawal penalty.
In the tax world, the term “ROBS” stands for “Rollover for Business Startup.” In a ROBS transaction, a person uses existing retirement account money to fund the startup of a new business, and if done right, the transaction is tax-free.
Should I use money from a retirement account to pay for start-up costs? I think most advisors would say this is a bad idea, and I generally agree.
A blog post about taxation of railroad retirement benefits, a topic that seems complex on the surface.
The general tax rule is that market losses in retirement accounts are never deductible. That statement is true, but as with everything relating to the taxes, there’s a “but.” In rare circumstances, you might be able to deduct losses from these accounts. Basic Requirements for All Types of Accounts All accounts of the same type […]
The Iowa pension exclusion allows some Iowans to take money out of retirement accounts and not be taxed on the Iowa return.
It’s the heat of tax season, plus Jason is working on finishing a manuscript for an upcoming continuing education seminar he is presenting at. Rather than make you wait for new posts, Jason has dug into the archives to pull out some of his personal favorites from days gone by. This nugget comes from last […]
It’s time for the first of a new weekly series called Q & A Fridays with Jason! DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. ————— Q: Is it true that my […]