New IRS Rules for IRAs

Recently, the Internal Revenue Service (IRS) revised its regulations regarding IRAs.

Benefits of the New IRA Regulations

The new IRS rules allow for increased flexibility in your individual retirement account (IRA). Some of the new provisions:

  • Allow beneficiary rollovers from employer-sponsored retirement plans
  • Eliminate the $100,000 income restriction required for a Roth Conversion
  • Allow for a one-time Qualified Health Savings Account (HSA) funding distribution from your retirement account
  • Permit withdrawals without penalty to cover damage due to Hurricanes Katrina, Rita or Wilma

What do I need to do?

If you have no issues/problems with these new IRA regulations, then no action is required on your part and you do not need to do anything. The changes will automatically go into effect on your IRA account.

If you do have any concerns with the new IRS IRA rules, then you will need to contact your IRA company and speak with a Client Services representative about the additional choices that are available to you.

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The information provided on this website does not constitute professional financial advice. We do our best to maintain current & accurate information, but some information may have changed since it was published. Please consult your tax or legal advisor(s) for questions & advice concerning your personal financial situation.
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