Form 5305-SA Minneapolis Minnesota 2017-2024

Form 5305-SA Minneapolis Minnesota: What You Should Know

Click on IRS Replaces DOL Form 5305-S with Individual Retirement Account Dec 19, 2024 — The U.S. Treasury Department has replaced Form 5305-S with Form Individual Retirement Account. The IRS will have two versions of the form: one being the traditional version and one being the hybrid. When you make a conversion of a traditional IRA in 2016, all the existing custodial account rules apply.  You will not be able to convert your traditional IRA without a custodial account. The traditional version is available at IRS.gov for download on the IRS Home Page. Click on form 5305-SA, which is not being sent to you via email. For more information on the hybrid IRA version, please refer to my previous post : Convert a Traditional IRA to a Roth IRAs . If you have questions about converting your traditional IRA to a Roth IRA, the link is included at the bottom of that page.  This is a great opportunity for taxpayers to convert their traditional IRA to a Roth IRA and save tax-free as well as receive Roth IRA distributions tax-free.  You can start making Roth IRA contributions as early as the first day of the year to make full use of the IRS Tax-Free Opportunity year-end (TFE) Roth conversion. Note: While you can make unlimited contributions to your Roth IRA, it is no longer the best tax deal due to the tax advantages, including the FICA tax deduction, of Traditional IRA contributions.   IRS Releases Guidance for 2024 Tax Calendar : IRS.gov IRS Issues Guidance on 2024 Tax Calendar IRS Blog Post : IRS Blog Post: What Is the 2024 Tax Year-End Tax Tip: If You Don't Have A Deductible IRA, You Can Make a Deductible Traditional IRA Contribution to a Roth IRA. IRS.gov Blog Post: 2024 Tax Tip: Traditional IRA Conversions Without a Traditional IRA To Roth IRA Conversion Tax Tip: Get the most out of your 2024 IRA Contribution, 2024 Roth IRA Contribution, and 2024 Roth IRA Disclaimer The IRS recently issued a notice that they are removing outdated Form 5305-SA/B from the site.  The notice details that the form no longer exists because the IRS has changed rules on a number of items that impact custodial account agreements.

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