Can I Make A Deductible IRA Contribution?
- Earned income
- Coverage under an employer plan
- Other (Roth) IRA contributions
- Filing status-based MAGI thresholds
Can I Make A Mega Backdoor Roth Contribution?
This flowchart considers:
- The maximum amount that can be contributed
- The impact of the ACP test
- 401(k) plan-specific features providing in-service distributions and/or separate accounts
- The tax impact upon rollover
- The step-by-step process to complete this kind of contribution
Can I Do A Net Unrealized Appreciation (NUA) Distribution?
This flowchart considers:
- What type of stock qualifies
- Triggering events that must be satisfied
- Timing considerations
- Tax impact of cost-basis and gains
Can I Do A Qualified Charitable Distribution From My IRA?
- Age requirements
- Distribution limits
- Qualified charitable beneficiaries
- The effect of account contributions
- Step-by-step reporting process
Should I Inherit My Deceased Spouse’s Traditional IRA?
To help make the analysis easier, we have created the “Should I Inherit My Deceased Spouse’s Traditional IRA?” flowchart. It addresses common issues that arise when a you inherit a traditional IRA from a spouse:
- Inheriting the IRA vs. rolling the IRA into the client’s own traditional IRA
- 10-Year Rule vs. Life Expectancy Rule
- RMD calculations
- Considerations based on age and income needs
Can I Delay Distributions From The Traditional IRA I Inherited?
- Beneficiary classifications under the new SECURE Act rules
- Distributions under the 10-Year Rule
- RMDs under the Life Expectancy Rule
- Twice-inherited IRAs
Can I Avoid Taking My RMD After Reaching My Required Beginning Date (RBD)?
- What to do if a client forgot to take an RMD
- How the RMD is calculated
- How to handle multiple retirement accounts
- Which RMDs can be combined and which ones can not
- Considerations if the client is still working or a business owner
Will A Distribution From My Roth IRA Be Tax & Penalty-Free?
It considers the following:
- The 5-Year Rule
- Impact of Roth conversions
- Distribution ordering rules
- Conditions that trigger the 10% early distribution penalty
- Exceptions to the 10% early distribution penalty
Will A Distribution From My Traditional IRA Be Penalty-Free?
This flowchart helps to quickly identify unique situations that affect whether a distribution is taxed and penalized, and considers the following:
- Implications for IRAs with nondeductible IRA contributions
- Conditions that trigger the 10% early distribution penalty
- Exceptions to the 10% early distribution penalty
Will My Roth IRA Conversion Be Penalty-Free?
- Implications for IRAs with after-tax contributions
- Pro-rata and aggregation rules
- Simple IRA rules
- Medicare Part B and Part D surcharge impact
- Application of the 5-Year Rule
- RMD coordination issues
Can I Make A Backdoor Roth IRA Contribution?
- Multiple retirement accounts
- Pro-rata and aggregation rules
- Step transaction doctrine
- Step-by-step process for making a Backdoor Roth Contribution
Can I Contribute To My Roth IRA?
To help make the analysis easier, we have created the “Can I Contribute To My Roth IRA?” flowchart. It addresses the key eligibility considerations, including:
- Earned income
- Other (traditional) IRA contributions
- Filing status-based MAGI thresholds
Should I Contribute To My Roth IRA Vs. My Traditional IRA?
- Eligibility to deduct contributions to a traditional IRA
- Eligibility to make contributions to a Roth IRA
- Current tax rates vs. future tax rates
- Ability to max out the contributions
- RMD impact
Should I Contribute To My Roth 401(k)?
This flowchart helps you guide you through a series of considerations that will inform your decision whether to contribute to a Roth 401(k), and covers:
- Future tax rate expectations
- Roth IRA eligibility
- Employer matching considerations
- RMDs and future rollover options
- Additional savings opportunities through backdoor Roth contributions
What Will Have The Least Tax Impact: Harvesting Capital Gains Or Roth Conversions?
- Expected need and future goals for the assets
- Current tax brackets and the effect of increasing income (ordinary or capital gains)
- Projected future income and tax rates
- Collateral impact on Social Security, Medicare, wealth transfer goals, etc.