Last year's passage of the Pension Protection Act (PPA) allowed, under Section 829, for non-spouse beneficiaries to complete rollovers of inherited employer retirement plans into inherited IRAs to maximize tax deferral. Unfortunately, though, the IRS' interpretation of the newly created IRC Section 402(c)(11) early this year in IRS Notice 2007-7, declared that such rollovers would only be optional, at the discretion of the employer to allow them or not. Fortunately, though, in the face of a pending Technical Corrections bill in Congress to reverse this undesirable interpretation, the IRS has acquiesced to simply making the treatment mandatory for all employers. Continue Reading...

Tuesday, November 6th, 2007 Posted by Michael Kitces in Taxes | 1 Comment

With this entry, a new blog is born in the world. Like most of the 100 million or more others who have created blogs in recent years, I've created this one because I have something to share, and I hope that I will find an audience who finds value in what I have to say.

The focus of this blog will be on all things financial planning. As a self-admitted financial planning nerd, I will share in this space my own commentary on financial planning developments that I believe are relevant to the world, and on development in the world that I believe are relevant to financial planning.

It is my intention, though, to not let this be a purely one-sided discussion. Please share your comments on my posts. Feel free to write me at blog@kitces.com. Tell me about your challenges and your successes, what you're seeing and hearing and reading, and what you're experiencing.

I'm going to share with you whatever insights I can on financial planning issues; I hope you'll consider responding in kind.

Tuesday, November 6th, 2007 Posted by Michael Kitces in Nerd's Eye View | 1 Comment

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