When it comes to retirement accounts, or as the IRS calls them, individual retirement arrangements, Publication 590 is the #1 authority for understanding the rules governing them. Everything from contribution limits to tax treatment to how to handle an inherited IRA is in this 100+ page publication. Fortunately, it's bookmarked and available in .pdf and html formats so it's relatively easy to use...for a government publication anyway.
So what does this mean to you? If you ever have a question involving your retirement accounts, you can use the publication to get an authoritative answer. There are a large number of questions and answers and surprisingly detailed explanations for some rather uncommon situations. Inside the publication, we'd bet you can find answers to 90% or more of your questions.
But what about the other 10%? Not to worry, the IRS has a phone number that you should never be afraid to use. Outside of peak demand times, you typically won't be on hold very long, and the agents are there to answer your most pressing questions. If you can't find the answer in Publication 590, pick up the phone and call the IRS. Follow this link to find the right number to call or dial the main number for individuals at 1-800-829-1040.
Also, if you call the IRS, don't forget to write down the following information for your records:
- Date and Time of Call
- Phone Number Dialed
- Agent Name
- Agent Number (this will be recited to you when they answer your call)
- Subject of the Call
- Notes
In addition, if your issue is particularly complicated, you can request to meet with them face-to-face when you speak to the agent.
