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SBOK Is a Great Retirement Savings Solution for Some Small Business Owners

"[Small Business Owner 401(k) (SBOK) plans are] designed for small businesses for which the only employees eligible to participate in the plan are the business owners.... This target market is over 27.1 million ... For those eligible to set up an SBOK plan, [here are] 10 reasons it could be the ideal solution to helping them fund their retirement nest egg."

IRS Resolves Yet Another Failure to Designate a Beneficiary for a Retirement Account

"[IRS PLR 201821008] is yet another case of a failure to properly designate a beneficiary of a retirement account. In this case, the IRS remedied the issue by approving the surviving spouse's rollover of a Governmental 457(b) account to her own traditional IRA, even though the decedent's estate was the beneficiary of the 457(b) account. The IRS considered the spouse's rights and control over the estate[.]"

Can I Deduct My IRA Contribution When Covered Under My Employer's Retirement Plan?

"You are eligible to take full deduction for your Traditional IRA contribution if you are not an active participant, or married to an active participant.... [T]he rules that define who is an active participant vary among the types of employer sponsored plans, and may depend on when the contributions are made to the participant's account (under the employer sponsored plan)."

Retirement Plans Comparison Table for Small Businesses, 2017 Plan Year (PDF)

"This table provides a comparison of the features and benefits that apply to retirement plans that can be sponsored/adopted by small business owners. Focus is on the areas that are important to the business owner, so as to help ensure that the plan that is chosen is the plan that is most suitable for the business. Plans covered: SEP IRAs; SIMPLE IRAs; 401(k)s; Solo 401(k) / Individual-K; Profit Sharing; Money Purchase Pension; Defined Benefit Pension."

Employer Retirement Plans Comparison Table for Small Businesses: 2014 Plan Year (PDF)

"This chart provides a comparison of the features and benefits that apply to retirement plans that can be sponsored/adopted by small business owners.... Plans covered: SEP IRAs, SIMPLE IRAs, 401(k)s, Solo 401(k)/Individual-K, Profit Sharing, Money Purchase Pension, and Defined Benefit Pension."

Employer Retirement Plans Comparison Chart for Small Businesses: 2013 Plan Year (PDF)

"This chart provides a comparison of the features and benefits that apply to retirement plans that can be sponsored/adopted by small business owners. Focus on the areas that are important o the business owner, so as to help ensure that the plan that is chosen is the plan that is most suitable for the business."

How to Postpone RMDs for Traditional IRAs Using Rollovers Into Qualified Plans

"While the regulations do allow participants to defer beginning RMDs past age 70-1/2 for qualified plan participants, the plan sponsor has the option of choosing whether to allow such deferral.... The option to defer taking your RMDs past age 70-1/2 until retirement does not apply to your Traditional IRAs. Therefore, if you prefer not to take RMDs until you retire, you can do so by rolling over the amount to an employer sponsored retirement plan that allows such a deferral."

IRS Waives the 50% Excise Tax for 2021 and 2022 RMDs for Some Beneficiaries

"SECURE Act language regarding the 10-year rule led many to believe that there are no annual RMD obligations under the 10-year rule, and the only requirement is that the inherited account must be fully distributed by the end of the tenth year....According to the proposed RMD regulations, qualifying beneficiaries who inherited retirement accounts in 2020 have RMD obligations for 2021 and every year after. And qualifying beneficiaries who inherited retirement accounts in 2021 have RMD obligations for 2022 and every year after." [Article includes 3 detailed case studies.]

Unintended Tax Consequences from Mishandling of an Inherited IRA: A Case Study

"Ultimately, retirement account owners will be responsible for paying any income tax due on distributions that they take from their retirement accounts, whether or not those distributions are shared with others.... For those who want to share inherited accounts with others, strategies can be implemented to ensure that any tax burden is also shared."

Employer Plans for Small Businesses: 2023 Comparison Chart

"A high level comparison of the features and benefits of retirement plans for small businesses."