New Edition!
IRAs, 401(k)s & Other Retirement Plans
Strategies for Taking Your Money Out
- Product Details
- tax strategies before and after retirement
- required distributions and how much you need to take
- penalties for taking money out early and how to avoid them
- how to divide a plan at divorce
- what happens to your retirement plan after your death, and
- different rules for taking money out of an inherited plan.
- new start age for required distributions
- big changes to distribution rules for inherited retirement plans and IRAs
- new rules regarding the taxation and repayment of Covid-related distributions, and
- new life expectancy tables for mandatory distributions.
- Form 4972, Tax on Lump-Sum Distributions
- Tax Rate Schedule for 1986
- Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
- Form 5330, Return of Excise Taxes Related to Employee Benefit Plans
- Form 5498, IRA Contribution Information
- Form 8606, Nondeductible IRAs
- Revenue Ruling 2002-62
- About the Author
- Table of Contents
- Qualified Plans
- Individual Retirement Accounts
- Almost-Qualified Plans
- Nonqualified Plans
- Taxation Fundamentals
- General Income Tax Rules for Retirement Plans
- Income Tax on Qualified Plans and Qualified Annuities
- Special Income Tax Rules for Tax-Deferred Annuities
- Special Income Tax Rules for IRAs
- How Penalties Can Guide Planning
- Exceptions to the Early Distribution Tax
- Calculating the Tax
- Reporting the Tax
- Special Rules for IRAs
- Computing Periodic Payments
- Implementing and Reporting Your Decision
- Modifying the Payments
- Required Distributions During Your Lifetime
- Death Before Required Beginning Date
- Death After Required Beginning Date
- Special Rules for Tax-Deferred Annuities
- Special Rules for Roth IRAs
- Penalty
- Reporting the Penalty
- Waiver
- Required Beginning Date
- Computing the Required Amount
- Designating a Beneficiary
- Special Rules for Annuities
- Divorce or Separation
- Determining the Designated Beneficiary
- Distribution Methods
- Designating Beneficiary
- Eligible Designated Beneficiary
- No Designated Beneficiary
- Multiple Beneficiaries, Separate Accounts
- Multiple Beneficiaries, One Account
- Trust Beneficiary
- Estate as Beneficiary
- Annuities
- Divorce or Separation
- Reporting Distributions From IRAs
- Administrative Details
- Distribution Method
- Designated Beneficiary
- No Designated Beneficiary
- Multiple Beneficiaries, Separate Accounts
- Multiple Beneficiaries, One Account
- Trust Beneficiary
- Estate as Beneficiary
- Annuities
- Divorce or Separation
- Taxation of Distributions
- Early Distribution Tax
- Ordering of Distributions
- Required Distributions
- Taxation of Distributions
- Early Distribution Tax
- Ordering of Distributions
- Required Distributions
- Certification for Late Rollover Contribution
- Form 4972, Tax on Lump-Sum Distributions
- Tax Rate Schedule for 1986
- Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
- Form 5330, Return of Excise Taxes Related to Employee Benefit Plans
- Form 5498, IRA Contribution Information
- Form 8606, Nondeductible IRAs
- Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments
- Revenue Ruling 2002-62
- Table I: Single Life Expectancy
- Table II: Joint Life and Last Survivor Expectancy
- Table III: Uniform Lifetime Table
- Table IV: Survivor Benefit Limits
- Table I: Single Life Expectancy
- Table II: Joint Life and Last Survivor Expectancy
- Table III: Uniform Lifetime Table
- Table IV: Survivor Benefit Limits
- Sample Chapter
- How do I know what kind of retirement plan I have? (See Chapter 1.)
- Do I have to wait until I retire to get money out of my plan or my IRA? (See Chapter 3.)
- Can I borrow money from my 401(k) plan to buy a house? (See Chapters 3, 4, and 5.)
- What should I do with my retirement plan when I leave my company or retire? (See Chapter 2.)
- When do I have to start taking money out of my IRA? (See Chapter 5.)
- How do I calculate how much I have to take? (See Chapter 6.)
- Can I take more than the required amount? (See Chapter 6.)
- What happens to my retirement plan when I die? (See Chapters 7 and 8.)
- Can my spouse roll over my IRA when I die? (See Chapters 7 and 8.)
- What about my children? Can they put my IRA in their names after I die? Do they have to take all the money out of the account right away? (See Chapters 7 and 8.)
- If I inherit a retirement plan, can I add my own money to it? Can I save it for my own children, if I don’t need the money? (See Chapters 7 and 8.)
- Am I allowed to set up a Roth IRA? Should I? (See Chapter 9.)
- Can I convert my regular IRA to a Roth IRA? Should I? (See Chapter 9.)
- How is a Roth 401(k) plan different from a Roth IRA? (See Chapter 10.)
About to retire? Over 72 and facing mandatory withdrawal rules? Just inherited money from a retirement plan?
Whether you have an IRA, Roth IRA, 401(k), Keogh or other retirement plan, this book will help you make sense of the rules for taking your money out. Even more important, it will show you how to avoid the stiff taxes and penalties that lurk in the fine print. It covers:
The 15th edition of IRAs, 401(k)s & Other Retirement Plans covers all of the latest changes, including:
“Few resources are as valuable when it comes to financial planning in later life.” - The Wall Street Journal
“[An] impressively clear and comprehensive layman’s guide.” - U.S. News & World Report
“Belongs on the bookshelf of anyone with a…qualified retirement plan. When the inevitable questions come up, here’s where you’ll find the answers.” - Kiplinger's Personal Finance Magazine
Your Retirement Companion
1. Types of Retirement Plans
2. An Overview of Tax Rules
3. Early Distributions: Taking Your Money Out Before the Law Allows
4. Substantially Equal Periodic Payments
5. Required Distributions: Taking Money Out When You Have To
6. Required Distributions During Your Lifetime
7. Distributions to Your Beneficiary If You Die Before Age 70½
8. Distributions to Your Beneficiary If You Die After Age 70½
9. Roth IRAs
10. Roth 401(k) Plans
Appendixes
A: IRS Forms, Notices, and Schedules
B: Life Expectancy Tables
C: Life Expectancy Tables for 2022 and Later
Index
Your Retirement Companion
Let’s start with the basics. There are many kinds of retirement plans and many possible sources for owning one. This book is about how to take money out of your retirement plans.
You might have a retirement plan at work, an IRA that you set up yourself, or a plan or an IRA you’ve inherited. Or you might have all three. You might still be contributing to a plan, or you may be retired. No matter what your situation, you will find information in this book to help you through the minefield of rules.
There are many reasons to take money out of a retirement plan. You might want to borrow the money for an emergency and pay it back (or not). Maybe you quit your job and you want to take your share of the company’s plan. Perhaps you’re required by law to withdraw some of your retirement funds because you’ve reached a certain age.
Whatever your situation, you probably have a lot of questions about your plan and how to take money out of it. This book can answer:
To help you answer these and other questions, we include many examples to guide you through the decision-making process and take you through calculations. You will also find sample tax forms that the IRS requires, along with instructions for how to complete them.
This book contains tables to help you calculate distributions. It also contains sample letters and worksheets you can use to communicate with the IRS or with the custodian of your IRA or retirement plan. We’ve even included some important IRS notices so you can read firsthand how the IRS thinks about certain critical issues.
The tax rules for pensions, IRAs, 401(k)s, and other types of retirement plans are notoriously complex, which can be all the more frustrating because they are important to so many people. The good news is that help is here: This book makes the rules clear and accessible.
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Info I need is all here
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Posted on 7/25/2021
New edition (15th) contains thorough update of last edition. The text is easy to follow, but must be read carefully, not because text is unclear, but because so much information is contained in every paragraph. The material is arranged so reader can quickly find sections that deal with areas of his particular interest. I like the technique of including repeated warnings in all appropriate sections of deadly pitfalls and critically important rules. Along with the book, the reader can access a dedicated webpage with information and updates on Nolo.com. -
Review
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Posted on 6/13/2021
Just great -
Review
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Posted on 6/13/2021
I have not found a question that this book fails to answer.