Should an IRA or 401k be transferred into a trust?
- August 25th, 2021
- David Greene
- Comments Off on Should an IRA or 401k be transferred into a trust?
It is definitely not a good idea! If you put your IRA or other qualified retirement account into your Living Trust, the IRS will consider it as a distribution and you will be taxed on the entire amount immediately. There…
How is a pension taxed?
- July 22nd, 2020
- David Greene
- Comments Off on How is a pension taxed?
As a pension fund is growing during an employee’s working years, it is usually funded with pre-tax dollars and the money going into the pension is not taxed at that time. However, when a person retires and begins receiving his…
Is there any relief from taxes for a late IRA or 401K rollover?
- November 1st, 2016
- David Greene
- Comments Off on Is there any relief from taxes for a late IRA or 401K rollover?
The general rule is that if you take a distribution, it must be rolled over into another qualified plan within 60 days to avoid taxation and the 10% penalty. There has always been a “hardship” waiver for certain events causing…