The Risk of Making ‘Loans’ From an IRA

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Missing the 60-day rollover deadline can subject a client to unwanted taxes and penalties. However, you may be able to preserve the tax deferral through automatic waivers or private letter rulings, if you understand the governing rules and procedures.

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In a new and surprising ruling, the tax court determined that IRA owners can perform only one IRA-to-IRA rollover per year on an aggregate basis. Here's a summary of what we know so far about the new limitation and how it could affect your clients.

How to Save Clients From Making Big Mistakes With Their IRAs

Excess IRA contributions often go undetected, resulting in significant excise and income taxes for clients. An audit of IRS Form 5498 can help you identify a client’s excess contributions in time, so you can make necessary corrections by the applicable deadline and avert possible penalties.