What is IRS Form 5498? The "May Panic" Form Exp...

IRS Form 5498 is an informational statement your IRA custodian sends each May, reporting how much money went into your IRA during the year — contributions, rollovers, conversions, and the...

Form 1099-R Box 7 Distribution Codes: What Each...

Box 7 of Form 1099-R is a one- or two-character code that tells the IRS how your retirement distribution should be taxed — and, most importantly, whether it triggers the...

What is IRS Form 8606? The Essential Form for Y...

IRS Form 8606 is the form you file with your 1040 to track your nondeductible (after-tax) IRA contributions and report Roth conversions. It is the only thing that tells the...

IRS Form 5329 Explained: Penalties, Exceptions,...

If you have tapped into your retirement accounts early, put too much money in, or forgotten to take a required withdrawal, you will likely need to deal with IRS Form...

How Much Should I Convert to Roth Each Year Bef...

You are 66. You stopped working last year, you have not turned on Social Security yet, and you are not old enough for required minimum distributions. For the first time...

Reverse Rollover Trap: Trapping $250k in a Bad ...

Every tax season, high-earning clients sit across my desk and say the same thing: "My financial advisor told me I need to do a Backdoor Roth." When I point out...