When filing taxes, it’s important to make sure you’re reporting all of your income correctly. That includes making note of early distributions from qualified retirement plans or other tax-favored ...

When a client fails to take a required minimum distribution, you usually want to seek a waiver of the 50% penalty that would apply to this mistake. My October 2015 column explained exactly how to ...

Answer: You can ask the IRS to waive the penalty. First, calculate the amount you should have withdrawn as your RMD for each of those years and withdraw the money right away. Then file a separate Form ...

A trio of IRS forms can lead you astray regarding proper tax treatment of your retirement benefits. Form 5498 for inherited IRA: The first is IRS Form 5498, the "information return" your IRA provider ...

Clay Bergdahl, a retiree in Albuquerque, NM who contacted me recently, did a double take when he received a tax document from his IRA custodian last month. On Form 1099-R, reporting distributions from ...

All IRA owners have until July 15, 2020 to make IRA contributions for 2019 and pay early distribution penalties for 2019, but a few questions remain on deadlines and reporting for IRA providers. On ...