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IRA ROLLOVERS AND DEDUCTIONS: TODAY'S SLOTT REPORT MAILBAG
October 22, 2020By Sarah Brenner, JD Director of Retirement Education Question: Hello, If an individual has a solo 401(k), is this considered a "retirement [...]
IRA ROLLOVERS AND DEDUCTIONS: TODAY'S SLOTT REPORT MAILBAG
October 21, 2020By Sarah Brenner, JD Director of Retirement Education Question: Hello, If an individual has a solo 401(k), is this considered a "retirement [...]
DON’T OVERLOOK AFTER-TAX PLAN CONTRIBUTIONS!
October 19, 2020By Ian Berger, JD IRA Analyst With the popularity of Roth 401(k) contributions, after-tax employee contributions have gotten short shrift. But, if[...]
RMDS AND CRDS UNDER THE CARES ACT: TODAY'S SLOTT REPORT MAILBAG
October 15, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: An 85-year-old died in 2020 and left his IRA to his 53-year-old son. Father did not take 2020[...]
THE GHOST RULE
October 14, 2020By Andy Ives, CFP®, AIF® IRA Analyst As Halloween approaches and the leaves change color, families gather ‘round weekend campfires, [...]
IMPORTANT TRUST DEADLINE APPROACHES
October 13, 2020By Sarah Brenner, JD Director of Retirement Educations For trusts that inherited an IRA in 2019, an important deadline is approaching. October 31,[...]
INHERITED IRAS AND QCDS: TODAY'S SLOTT REPORT MAILBAG
October 8, 2020By Ian Berger, JD IRA Analyst Question: Sir, I inherited an IRA from my sister two years ago. She was collecting RMDs at 78. My question [...]
AM I ENTITLED TO ERISA CREDITOR PROTECTION?
October 7, 2020By Ian Berger, JD IRA Analyst With the recent economic downturn, you may be more concerned than ever about keeping retirement plan funds safe from[...]
IRAS, LIFE INSURANCE & PIZZA
October 5, 2020By Andy Ives, CFP®, AIF® IRA Analyst Many years ago, my wife and I went to lunch at a pizza joint in a strip mall. The friendly gray-haired [...]
By Sarah Brenner, JD Director of Retirement Education Question: Would you kindly clarify the rule that governs the withdrawal period and the [...]
By Sarah Brenner, JD Director of Retirement Education Times are tough. Unemployment is high and bills are piling up for many. These realities have[...]
INHERITED IRAS AND THE 10-YEAR RULE: TODAY'S SLOTT REPORT MAILBAG
September 30, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi there! I have a quick question, so I thought I’d reach out to you to get your take on[...]
BENEFICIARY FORM BASICS
September 29, 2020By Andy Ives, CFP®, AIF® IRA Analyst An argument could be made that the easiest financial document to complete is the IRA beneficiary form. Yet[...]
WHAT’S A TOP HAT PLAN?
September 28, 2020By Ian Berger, JD IRA Analyst Think of a top hat, and you’ll likely conjure up images of Franklin Delano Roosevelt or the temporarily-deceased [...]
SECURE ACT SUCCESSOR BENEFICIARY RULES AND PAYING BACK CORONAVIRUS-RELATED DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
September 28, 2020By Ian Berger, JD IRA Analyst Question: Ed and team, I am sure my question has been asked by others. Now under the SECURE Act with no more[...]
8 THINGS YOU NEED TO KNOW ABOUT YOUR INHERITED IRA
September 28, 2020By Sarah Brenner, JD Director of Retirement Education A significant percentage of IRA assets will ultimately go to nonspouse beneficiaries. When [...]
SECURE ACT: “WE DON’T KNOW YET”
September 28, 2020By Andy Ives, CFP®, AIF® IRA Analyst Gradually, the IRS is clarifying sections of the SECURE Act that require further guidance. In Notice [...]
INHERITED ROTH IRAS AND ROTH CONVERSIONS: TODAY'S SLOTT REPORT MAILBAG
September 10, 2020By Sarah Brenner, JD Director of Retirement Education Question: Does the SECURE Act have any implication to Roth IRA account inheritance [...]
IRS ISSUES GUIDANCE ON CERTAIN SECURE ACT CHANGES
September 8, 2020By Ian Berger, JD IRA Analyst In Notice 2020-68, issued September 2, 2020, the IRS gave limited guidance on certain retirement provisions of the [...]
By Andy Ives, CFP®, AIF® IRA Analyst Question: Good Afternoon Ed Slott and Company, LLC, I was inquiring about a recent situation with a [...]
PENALTY-FREE IRA DISTRIBUTIONS FOR FIRST-HOME PURCHASE
September 2, 2020By Sarah Brenner, JD Director of Retirement Education Despite the COVID-19 pandemic, or maybe even because of it, real estate markets in many [...]
PERILS OF THE 60-DAY ROLLOVER
August 31, 2020By Andy Ives, CFP®, AIF® IRA Analyst As sure as the sun will rise, someone will take a distribution from his IRA tomorrow. And as sure as the [...]
By Ian Berger, JD IRA Analyst Question: I had taken an RMD in January 2020 from an IRA account. Then in July, I returned a portion back to the [...]
RELIEF BEYOND AUGUST 31 FOR RMD REPAYMENTS
August 26, 2020By Ian Berger, JD IRA Analyst Some of you may have received an RMD (required minimum distribution) from an IRA or employer plan earlier this year [...]
TAPPING AN ESA FOR VIRTUAL SCHOOL EXPENSES
August 24, 2020By Sarah Brenner, JD Director of Retirement Education The upcoming school year for many students is going to look like nothing we have ever seen [...]
ROTH CONVERSIONS AND 2020 RMDS: TODAY'S SLOTT REPORT MAILBAG
August 20, 2020By Sarah Brenner, JD Director of Retirement Education Question: In December of 2018 I did my first partial Roth IRA conversion into a new Roth [...]
“DOLLAR COST AVERAGE” YOUR ROTH CONVERSION
August 19, 2020By Andy Ives, CFP®, AIF® IRA Analyst Dollar cost averaging is a tried-and-true investment strategy that has existed for decades. Using this [...]
By Ian Berger, JD IRA Analyst Many of you may have already received, or may be receiving, an RMD (required minimum distribution) from your [...]
RETURNING UNWANTED RMDS: TODAY'S SLOTT REPORT MAILBAG
August 13, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Client has a Thrift Savings Plan and took RMDs in January, February and March of 2020. Client[...]
3 RMD REPAYMENT REMEDIES ONLY AVAILABLE UNTIL AUGUST 31
August 12, 2020By Sarah Brenner, JD Director of Retirement Education We are in the dog days of summer and this year is a crazy and unsettling time. The last [...]
STOP NAMING TRUSTS AS IRA BENEFICIARIES!
August 10, 2020By Andy Ives, CFP®, AIF® IRA Analyst Yes, trusts can play an instrumental role in estate planning. Yes, special needs trusts are invaluable to [...]
THE CARES ACT AND 2020 RMDS: TODAY'S SLOTT REPORT MAILBAG
August 6, 2020By Ian Berger, JD IRA Analyst Question: I can't find the answer to this question anywhere, so I thought I'd go straight to the experts. Does[...]
By Ian Berger, JD IRA Analyst Hidden within the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) signed into law last [...]
STRETCH IRA LIVES ON FOR SOME BENEFICIARIES
August 3, 2020By Sarah Brenner, JD Director of Retirement Education Last year the SECURE Act became law and eliminated the stretch IRA for millions of IRA [...]
By Sarah Brenner, JD Director of Retirement Education Question: I have a very simple ROTH IRA question. I borrowed money from my ROTH IRA with[...]
DEATH DURING A ROLLOVER
July 29, 2020By Andy Ives, CFP®, AIF® IRA Analyst A financial advisor contacted me about her client who had recently passed away. The advisor was legitimately[...]
TAX RULES FOR ROTH 401(K) DISTRIBUTIONS
July 27, 2020By Ian Berger, JD IRA Analyst With more 401(k) plans offering Roth contributions and more folks taking distributions from their plans, now’s a [...]
RMDS IN 2020: TODAY'S SLOTT REPORT MAILBAG
July 23, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Once the RMD’s for 2020 were suspended, I withdrew what would have been my RMD from my [...]
RECHARACTERIZATION OF IRA CONTRIBUTIONS IS STILL HERE
July 22, 2020By Sarah Brenner, JD IRA Analyst It happens. You have made a 2019 contribution to the wrong type of IRA. All is not lost. That contribution can be[...]
EXTENDED ROLLOVER DEADLINES EXPLAINED
July 20, 2020By Andy Ives, CFP®, AIF® IRA Analyst The IRA and plan rollover rules have been in constant flux this year. We are now past the original July 15 [...]
REPAYMENT OF UNWANTED RMDS AND ROTH CONVERSIONS FROM COMPANY PLANS: TODAY’S SLOTT REPORT MAILBAG
July 16, 2020By Ian Berger, JD IRA Analyst Question: For COVID "special" Aug 31 rollovers, am I allowed to return my 401(k) required minimum distribution [...]
IRS COMPENSATION LIMITS IN COMPANY RETIREMENT PLANS
July 15, 2020By Ian Berger, JD IRA Analyst Admittedly, it’s not such a bad problem to have. Nonetheless, it’s true that high-paid company plan participants[...]
THE IRA CONTRIBUTION DEADLINE IS ALMOST HERE
July 13, 2020By Sarah Brenner, JD IRA Analyst The countdown to the much delayed 2019 tax filing deadline is on. The deadline is July 15, 2020, which is only a [...]
By Sarah Brenner, JD IRA Analyst Question: Hello, I am aware of the IRA one-rollover-per-year rule. What I can’t find is if a married [...]
TOP 12 RMD WAIVER QUESTIONS
July 8, 2020By Andy Ives, CFP®, AIF® IRA Analyst As we have written on many occasions, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES [...]
By Ian Beger, JD IRA Analyst There’s been a flurry of recent government regulation of company retirement plans. Here’s a quick summary: [...]
THE CARES ACT AND RMDS: TODAY'S SLOTT REPORT MAILBAG
July 2, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: If someone took two IRA distributions earlier in 2020 that were considered RMDs, and now [...]
By Sarah Brenner, JD IRA Analyst IRAs are supposed to be for saving for retirement but in challenging economic times like these many individuals [...]
By Andy Ives, CFP®, AIF® IRA Analyst After a six-month sprint through a diabolical obstacle course of new laws, a pandemic, record unemployment,[...]
CARES ACT COVID-19 DISTRIBUTIONS AND SECURE ACT BENEFICIARY PAYOUTS: TODAY’S SLOTT REPORT MAILBAG
June 25, 2020By Ian Berger, JD IRA Analyst Question: Hi Ed, If a person takes that 100k distribution, can they elect to split evenly in 2020-2022 as [...]
IRS EXTENDS ROLLOVER DEADLINE FOR 2020 RMDS
June 24, 2020By Ian Berger, JD IRA Analyst The IRS has extended the rollover deadline for required minimum distributions (RMDs) taken from IRAs or company [...]
Are you acting in your clients’ best interest when it comes to rollovers? On June 30, the new SEC Regulation Best Interest (Reg BI) becomes [...]
By Sarah Brenner, JD IRA Analyst On June 19, the IRS released additional guidance on coronavirus-related distributions (CRDs) from retirement [...]
60-DAY ROLLOVERS: TODAY'S SLOTT REPORT MAILBAG
June 18, 2020By Sarah Brenner, JD IRA Analyst Question: Thank you for all the great resources you provide. I have been looking for an answer to my specific [...]
By Andy Ives, CFP®, AIF® IRA Analyst FIX: Rolling Over the Tax Withheld on a Distribution. Was the mandatory tax of 20% withheld on your work [...]
IRS ALLOWS REMOTE WITNESSING OF SPOUSAL WAIVERS
June 15, 2020By Ian Berger, JD IRA Analyst In the wake of the coronavirus pandemic, the IRS has temporarily relaxed the rule that spousal consent to certain [...]
By Andy Ives, CFP®, AIF® IRA Analyst Question: Under the SECURE Act, if we can assume a Special Needs Trust can qualify for the stretch via [...]
By Sarah Brenner, JD IRA Analyst By now, most IRA owners have heard the bad news. The SECURE Act eliminates the stretch IRA for the majority of [...]
ROTH CONVERSIONS: PAYING TAXES FROM ANOTHER SOURCE
June 8, 2020By Andy Ives, CFP®, AIF® IRA Analyst The King of the Land wanted to send 100,000 of his greatest warriors off to battle. However, he was told [...]
2020 RMD WAIVERS: TODAY’S SLOTT REPORT MAILBAG
June 4, 2020By Ian Berger, JD IRA Analyst Question: I understand that I don’t have to take any RMDs during 2020. However, is the CARES Act rule that it[...]
SHOULD I TAKE A LUMP SUM BUYOUT?
June 3, 2020By Ian Berger, JD IRA Analyst As a result of the current economic downturn, we can expect more and more companies to offer lump sum buyouts to [...]
By Sarah Brenner, JD IRA Analyst More than 40 million Americans have filed for unemployment since the Corona virus pandemic hit in in the middle [...]
Friday, May 29, 2020 The Setting Every Community Up for Retirement Enhancement (SECURE) Act single-handedly upended many long-standing [...]
By Sarah Brenner, JD IRA Analyst Question: Since no RMD in 2020 is required, what will the tax treatment be for QCD checks to charities written[...]
By Andy Ives, CFP®, AIF® IRA Analyst Gold members of a national hotel chain, big airline or just the local club expect lofty benefits for their [...]
ONE MORE CARES ACT MISCONCEPTION
May 26, 2020By Ian Berger, JD IRA Analyst The Coronavirus Aid, Relief, and Economic Recovery (CARES) Act continues to cause confusion. In the April 22, 2020 [...]
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi, My question is: Does the SECURE Act affect inheritors of a Roth IRA account? If [...]
CONVERSION NIGHTMARES
May 20, 2020By Sarah Brenner, JD IRA Analyst With markets down, many IRA owners are thinking this may be the time for a Roth IRA conversion. Converting when [...]
CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?
May 18, 2020By Andy Ives, CFP®, AIF® IRA Analyst The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected[...]
CONVERTING WAIVED RMDS AND PAYING BACK CORONAVIRUS-RELATED DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
May 14, 2020By Ian Berger, JD IRA Analyst Question: Sir: The CARES Act includes a waiver of RMDs for this year from company savings plans and IRAs. I[...]
IRA PROTECTION AGAINST THE EVIL GENIE IN THE LAMP
May 13, 2020By Andy Ives, CFP®, AIF® IRA Analyst The evil genie in the IRA lamp wants your money. He roars with laughter at the thought of you facing hard [...]
CARES ACT EXPANDS HSAS
May 11, 2020By Sarah Brenner, JD IRA Analyst The recently passed CARES Act includes some changes that impact your HSA. These changes will allow you to access [...]
By Sarah Brenner, JD IRA Analyst Question: I have been taking my RMDs on a monthly basis in 2020. Since the Cares Act has suspended RMDs for [...]
By Ian Berger, JD IRA Analyst Under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), certain individuals can take up to [...]
By Ian Berger, JD IRA Analyst For a number of years, the “mega backdoor Roth” strategy has been touted as a way for employees to convert large[...]
IRA CONTRIBUTIONS AND RMD WITHDRAWALS UNDER THE CARES ACT: TODAY'S SLOTT REPORT MAILBAG
April 30, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Dear Mr. Slott, I seem to have gotten myself into a jam with my 2020 RMD withdrawal and the[...]
TECHNOLOGY, ROTH CONVERSIONS AND A SQUIRMING SON
April 27, 2020By Andy Ives, CFP®, AIF® IRA Analyst 77 and sharp - that’s my dad. A voracious reader. Daily crossword puzzles. Curious. Engaged with the [...]
By Ian Berger, JD IRA Analyst Question: Did the SECURE Act change the rules for designated non-spouse inheritors of a Roth IRA? I believe they [...]
4 CARES ACT MISCONCEPTIONS
April 22, 2020By Ian Berger, JD IRA Analyst The Coronavirus Aid, Relief and Economic Recovery Act (CARES Act), signed into law on March 27, includes several [...]
4 CARES ACT MISCONCEPTIONS
April 22, 2020By Ian Berger, JD IRA Analyst The Coronavirus Aid, Relief and Economic Recovery Act (CARES Act), signed into law on March 27, includes several [...]
QCDS – STILL AVAILABLE IN 2020 AND STILL A GOOD STRATEGY
April 20, 2020By Sarah Brenner, JD IRA Analyst As the coronavirus pandemic has raged on, we have seen devasting images of overwhelmed hospitals and long lines [...]
RMDS & ROTH IRAS: TODAY'S SLOTT REPORT MAILBAG
April 16, 2020By Sarah Brenner, JD IRA Analyst Question: I took 25% of my 2020 required minimum distribution (RMD) from an inherited IRA on March 15, 2020. [...]
ROLLING OVER AN RMD, PART 2 – “JUST WAIT A MINUTE”
April 15, 2020By Andy Ives, CFP®, AIF® IRA Analyst I grew up in the northeast, where snow squalls sweep across Lake Ontario and cede to blue skies, where [...]
ROLLING OVER AN RMD, PART 2 – “JUST WAIT A MINUTE”
April 15, 2020By Andy Ives, CFP®, AIF® IRA Analyst I grew up in the northeast, where snow squalls sweep across Lake Ontario and cede to blue skies, where [...]
By Ian Berger, JD IRA Analyst The recently-enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed by President Trump on [...]
QCDS AND ROTH CONVERSIONS: TODAY'S SLOTT REPORT MAILBAG
April 9, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Hi. What are the rules for QCDs now that required minimum distributions (RMDs) have been [...]
NO “FIRST MONEY OUT” RULE FOR 2020
April 8, 2020By Sarah Brenner, JD IRA Analyst On March 27, the massive “Coronavirus Aid, Relief, and Economic Security Act,” or the “CARES Act,” was [...]
ROLLING OVER AN RMD
April 6, 2020By Andy Ives, CFP®, AIF® IRA Analyst Like most people’s lives, the retirement world is upside down. This is made evident by a single [...]
By Ian Berger, JD IRA Analyst Question: The virus pandemic has prompted legislation that has eliminated the requirement for me to take a [...]
By Ian Berger, JD IRA Analyst The recently-enacted “Coronavirus Aid, Relief, and Economic Security Act,” or CARES Act, includes special tax [...]
CORONAVIRUS RELIEF FOR RETIREMENT ACCOUNTS
March 30, 2020By Sarah Brenner, JD IRA Analyst As the coronavirus pandemic has spread, many Americans have been hit hard. Their retirement accounts have also [...]
THE TAX FILING DEADLINE AND CHILDREN UNDER THE SECURE ACT: TODAY'S SLOTT REPORT MAILBAG
March 26, 2020By Sarah Brenner, JD IRA Analyst Question: With the COVID-19 changes to push the tax filing back to July 31st, can someone still make a 2019 [...]
BUILDING A SAFETY NET – SMALL BUSINESSES RETIREMENT PLANS
March 25, 2020By Andy Ives, CFP®, AIF® IRA Analyst By their nature, small businesses struggle in the shallows. Now they face a tsunami. However, when the [...]
SPLITTING IRAS AFTER THE SECURE ACT
March 23, 2020By Ian Berger, JD IRA Analyst It’s common for IRA owners to leave their assets to multiple beneficiaries – for example, their children. Before[...]
INHERITED IRAS AND QCDS: TODAY'S SLOTT REPORT MAILBAG
March 19, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: A daughter who has been diagnosed with rheumatoid arthritis is listed as the beneficiary on [...]
By Sarah Brenner, JD IRA Analyst The coronavirus has been wreaking havoc on markets and millions of retirement account balances have suffered [...]
SELF-CERTIFICATION FOR MISSED 60-DAY ROLLOVERS
March 16, 2020By Andy Ives, CFP®, AIF® IRA Analyst When a person takes a distribution from his IRA or workplace plan, he has 60 days from the day of receipt [...]
10% PENALTY ON ROTH CONVERSION DISTRIBUTIONS AND FORM 8606: TODAY’S SLOTT REPORT MAILBAG
March 12, 2020By Ian Berger, JD IRA Analyst Question: Hi Ed, First of all, I'm a big fan. Now here's my question: If I do a backdoor Roth conversion [...]
By Ian Berger, JD IRA Analyst The amount of annual elective deferrals you can make to a 401(k) or 403(b) plan is limited by the tax code. If you [...]
By Sarah Brenner, JD IRA Analyst The SECURE Act eliminated the age restriction on contributions to traditional IRAs. The rule outlawing [...]
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