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By Sarah Brenner, JD Director of Retirement Education Question: We had a client who died with no beneficiaries on his $500k 401(k). He wasn’t[...]
AFTER CORONAVIRUS-RELATED DISTRIBUTIONS – NOW WHAT?
January 21, 2021By Ian Berger, JD IRA Analyst Coronavirus-related distributions (CRDs) are no more. Millions of Americans took advantage of the opportunity to [...]
RECHARACTERIZING AN IRA CONTRIBUTION – STILL IN THE TOOLBOX!
January 18, 2021By Andy Ives, CFP®, AIF® IRA Analyst As we enter tax season and consider last year’s transactions, it bears repeating: Roth [...]
By Andy Ives, CFP®, AIF® IRA Analyst Question: I recently retired and I plan to relocate to Tennessee. I would like to purchase a new home. [...]
THE ANSWER TO THIS QUESTION ON ELIGIBLE DESIGNATED BENEFICIARIES UNDER THE SECURE ACT MAY SURPRISE YOU
January 13, 2021By Sarah Brenner, JD Director of Retirement Education The SECURE Act made many changes to the rules for beneficiaries who inherit retirement [...]
NEW COVID-19 STIMULUS LAW DOES NOT EXTEND CARES ACT CRD RELIEF
January 11, 2021By Ian Berger, JD IRA Analyst There’s been some confusion about the retirement plan aspects of the COVID-19 stimulus package signed into law on [...]
THE “LOOK BACK” – CONSIDERING A TAX YEAR IN ITS ENTIRETY
January 6, 2021By Andy Ives, CFP®, AIF® IRA Analyst We are just a few days into the new year, and many people are anxious to get their full IRA contributions [...]
2021 NEW YEAR’S RESOLUTIONS FOR YOUR IRA
January 4, 2021By Sarah Brenner, JD Director of Retirement Education A new year brings a fresh start, and after 2020, we need that more than ever. You probably [...]
ROTH IRAS AND THE 10-YEAR RULE: TODAY'S SLOTT REPORT MAILBAG
December 31, 2020By Sarah Brenner, JD Director of Retirement Education Question: Can a retired person not working contribute to a Roth IRA? Answer: [...]
HAPPY NEW YEAR!
December 30, 2020By Ian Berger, JD IRA Analyst From The Slott Report, December 30, 2019: “2020 promises to be an exciting year in the IRA and savings plan [...]
BUSY, BUSY, BUSY!
December 28, 2020By Andy Ives, CFP®, AIF® IRA Analyst Ah, the end of the year. Snow is drifting, music plays quietly in the background. Ma in her kerchief, Papa[...]
60-DAY ROLLOVERS AND RMDS IN 2020: TODAY'S SLOTT REPORT MAILBAG
December 24, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Recently, I received two checks, one for all assets in a Traditional IRA and one for all [...]
HOLIDAY GREETINGS FROM THE SLOTT REPORT
December 23, 2020By Sarah Brenner, JD Director of Retirement Education We at the Slott Report would like to wish all our readers a happy and safe holiday season. [...]
HAPPY BIRTHDAY TO THE SECURE ACT!
December 21, 2020By Ian Berger, JD IRA Analyst One year ago from yesterday (December 20, 2019), President Trump signed into law the SECURE Act. At that time, [...]
ROTH IRA RECHARACTERIZATIONS AND CARES ACT DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
December 17, 2020By Ian Berger, JD IRA Analyst Question: Hello, Can you still recharacterize a Roth contribution (due to income limits) to a Traditional IRA [...]
AFTER-TAX ROTH CONVERSION: TRICK QUESTION?
December 16, 2020By Andy Ives, CFP®, AIF® IRA Analyst Bob is 40 years old. He is a single tax filer, participates in a 401(k) at work, and makes a healthy [...]
2020 YEAR-END RETIREMENT ACCOUNT TO-DO LIST
December 14, 2020By Sarah Brenner, JD Director of Retirement Education The end of 2020 is almost here. With the end of the year come certain retirement account [...]
IRA TRANSFERS AND ROTH CONVERSIONS UNDER THE CARES ACT: TODAY'S SLOTT REPORT MAILBAG
December 10, 2020By Sarah Brenner, JD Director of Retirement Education Question: I am 79 and still employed. My employer has an SEP for me and I have a [...]
BE CAREFUL ABOUT USING YOUR IRA FOR A SHORT-TERM LOAN
December 9, 2020By Ian Berger, JD IRA Analyst Thinking of using your IRA as a “short-term loan” to raise some extra cash for the holidays? What could go [...]
DUBIOUS MULTI-LAYERED CRD TAX STRATEGY
December 7, 2020By Andy Ives, CFP®, AIF® IRA Analyst Recently we became aware of a multi-layered tax strategy that we think is a bridge too far when it comes [...]
INHERITED IRAS AND ROTH IRA ROLLOVERS: TODAY'S SLOTT REPORT MAILBAG
December 3, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: My father passed away in 2019 and left me an IRA. Will the SECURE Act apply, or will it be [...]
10 THINGS YOU MUST KNOW BEFORE CONVERTING IN 2020
December 2, 2020By Sarah Brenner, JD Director of Retirement Education The clock is ticking if you are considering converting your Traditional IRA to a Roth IRA in[...]
CAUTION: FOUR TAX BREAK DEADLINES RAPIDLY APPROACHING
November 30, 2020By Ian Berger, JD IRA Analyst Thanksgiving is behind us, and the end of the year will be here soon. (Many of us are truly thankful for that!) [...]
BACK TO THE RIGHT SIDE UP
November 25, 2020By Andy Ives, CFP®, AIF® IRA Analyst We have collectively crawled into the hollow of a 2020 tree and found ourselves in the Upside Down. (That [...]
IRS ADDS NEW REASON FOR SELF-CERTIFICATION OF LATE ROLLOVERS
November 23, 2020By Sarah Brenner, JD Director of Retirement Education The IRS has recently added a new reason for self-certification of late rollovers to its [...]
By Ian Berger, JD IRA Analyst Question: Good Morning, We have a client that passed away in November of 2019 at the age of 85. Her [...]
WHAT LIMITS APPLY IF I PARTICIPATE IN TWO COMPANY PLANS?
November 18, 2020By Ian Berger, JD IRA Analyst We continue to get questions about the limits that apply for folks who participate in multiple company savings plans[...]
MILITARY BENEFITS
November 16, 2020By Andy Ives, CFP®, AIF® IRA Analyst With Veterans Day being just last week, an overview of two military retirement benefits felt like an [...]
RMDS UNDER THE CARES ACT: TODAY'S SLOTT REPORT MAILBAG
November 5, 2020By Andy Ives, CFP®, AIF® IRA Analyst Question: Great work you all do. Been a reader of Ed for a long time. How would this scenario work? New[...]
10% PENALTY EXCEPTIONS – IRA ONLY!
November 4, 2020By Andy Ives, CFP®, AIF® IRA Analyst When a person under the age of 59 ½ takes a withdrawal from their IRA or company plan - like a 401(k) –[...]
CRDS ARE STILL AVAILABLE
November 2, 2020By Sarah Brenner, JD Director of Retirement Education The year 2020 has been a challenging one. With coronavirus cases rising in most of the [...]
TRUSTS AS IRA BENEFICIARIES AND NUA: TODAY’S SLOTT REPORT MAILBAG
October 29, 2020By Ian Berger, JD IRA Analyst Question: Our estate planning attorney prepared trust documents a few years ago and he advised us to name the [...]
MORE ON AFTER-TAX PLAN CONTRIBUTIONS
October 28, 2020By Ian Berger, JD IRA Analyst The October 19, 2020 Slott Report article, "Don't Overlook After-Tax Contributions!," explained how after-tax [...]
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 [...]
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