IRAs, 401(k)s & Other Retirement Plans: Strategies for Taking Your Money Out, 16th Edition

Save your nest egg from the IRS About to retire? Over 723 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: * 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. The 16th edition covers all of the latest changes, including: * new start age for required distributions * new contribution limits for 401(k)s, money purchase pension plans, ESOPs, SIMPLE IRAs, and Roth IRAs * new exceptions to the 10% early distribution tax, and * multiple new rules for inherited retirement plans. Cover Title Page Table of Contents Your Retirement Companion 1. Types of Retirement Plans Qualified Plans Individual Retirement Accounts Almost-Qualified Plans Nonqualified Plans 2. An Overview of Tax Rules 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 3. Early Distributions: Taking Your Money Out Before the Law Allows Exceptions to the Early Distribution Tax Calculating the Tax Reporting the Tax Special Rules for IRAs 4. Substantially Equal Periodic Payments Computing Periodic Payments Implementing and Reporting Your Decision Modifying the Payments 5. Required Distributions: Your RMD Age Life Expectancy Tables 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 6. Required Distributions During Your Lifetime Required Beginning Date Computing the Required Amount Designating a Beneficiary Special Rules for Annuities Divorce or Separation 7. Distributions to Your Beneficiary If You Die Before Your Required Beginning Date Determining the Designated Beneficiary Distribution Methods Designated 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 8. Distributions to Your Beneficiary If You Die After Your Required Beginning Date Administrative Details Distribution Methods Designated Beneficiary Eligible Designated Beneficiary No Designated Beneficiary Multiple Beneficiaries, Separate Accounts Multiple Beneficiaries, One Account Trust Beneficiary Estate as Beneficiary Annuities Divorce or Separation 9. Roth IRAs Taxation of Distributions Early Distribution Tax Ordering of Distributions Required Distributions 10. Roth 401(k) Plans Taxation of Distributions Early Distribution Tax Ordering of Distributions Required Distributions Appendix A: IRS Forms, Notices, and Schedules Appendix B: Life Expectancy Tables for 2021 and Earlier Table I: Single Life Expectancy Table II: Joint Life and Last Survivor Expectancy Table III: Uniform Lifetime Table Table IV: Survivor Benefit Limits Appendix C: Life Expectancy Tables for 2022 and Later Table I: Single Life Expectancy Table II: Joint Life and Last Survivor Expectancy Table III: Uniform Lifetime Table Table IV: Survivor Benefit Limits Index Book Registration Additional Personal FInance and Retirement Resources on Nolo.com When you want or need to take money out of a retirement plan--whether you've inherited the plan or you're retiring, buying a house, or just in need of money--this book will help you make the best financial choices. Anyone who is approaching retirement, retiring early, changing jobs, or wondering what to do with an inherited plan will benefit from the advice in this book. Includes new rules from SECURE Act