Tag Archives: new IRA rules
Recently President Obama proposed two changes to the existing IRA rules. Tapping into the IRA basics, these two proposals are made to simplify the complicated aspects of IRA withdrawal rules. The proposed amendments can be found in a 151-page Treasury Department document that explains all the Administration’s fiscal 2012 tax proposals and would certainly be very beneficial for retirees and heirs of IRA’s.
The first proposed change aims to eliminate traps for non-spouse IRA heirs that Forbes has been constantly warning individuals.
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?
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