“Third-party posts from Ed Slott’s IRA Blog:”

IRA BLOG

MORE ON THE ROTH CATCH-UP CONTRIBUTIONS DELAY

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport The August 28, 2023 Slott Report summarized IRS Notice 2023-62, where the IRS delayed the effective date of the SECURE 2.0 rule requiring catch-up contributions by higher-paid older employees to be made on...

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THE 10-YEAR RULE AND 529 PLANS: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: My name is Bruce. I am 65 years old, and I have a question about the SECURE Act. My mother died at age 89 on April 19, 2023, and I inherited her IRA. She had been receiving...

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IRA BENEFICIARY PAYOUT RULES – THE MADNESS CONTINUES

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport   The lunacy of IRA beneficiary payout rules continues to boggle the mind. As I guide advisors through the options available to their clients, various nuances present one unique scenario after...

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3-YEAR STATUTE OF LIMITATIONS – MISSED RMDS

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport When an IRA or retirement plan owner reaches a particular age, that account owner typically must begin taking required minimum distributions (RMDs.) The RMD is calculated based on the year-end...

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RMD RELIEF? NO THANK YOU!

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport The IRS unleashed massive confusion last year. To the surprise of many, it released proposed SECURE Act regulations requiring beneficiaries (on some occasions) to take required...

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ANOMALIES AND EXCEPTIONS

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport As already-complicated IRA rules spiral further into an abyss of confusion, it comes as no surprise that irregularities exist. Up is down and left is right. Green means stop, red means throw your...

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INHERITED IRAS AND RMDS: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Question: Greetings, If I have the beneficiaries on my IRA listed as my wife (50%) and two children over 21 (50%), is my wife still able to move her half of the IRA into her existing IRA when I...

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ROTH CONVERSION CONFUSION – TAXES WITHHELD WHEN UNDER 59 ½

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport   There is no doubt we have written about this topic in past Slott Report entries. Possibly many times. There is also no doubt that people continue to make this same error, over and over...

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HELP A YOUNG PERSON USE SUMMER EARNINGS TO START A ROTH IRA

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Is your child or grandchild working hard this summer? A summer job can be a valuable experience for a young person. Whether it is making smoothies, serving tables, or being a...

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Q&AS ON RECENT IRS RMD RELIEF

By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to...

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TRUST AS IRA BENEFICIARY – A POTENTIALLY CATASTROPHIC PROBLEM

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport We say in our training manuals that “the SECURE Act obliterates IRA trust planning.” That’s an aggressive word – “obliterates” – but it is accurate. We also shout from the mountain top that...

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5 WAYS EXCESS IRA CONTRIBUTIONS HAPPEN

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport   You can have too much of a good thing. While it is a good strategy to contribute to an IRA, some contributions are not allowed. When a contribution is not permitted in...

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SUMMERTIME SIMILES & METAPHORS – NO SHIRTS OR SHOES REQUIRED

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Oftentimes with these articles, I compare certain retirement account rules to arbitrary items. A creative metaphor or simile can help the reader grasp a concept. For instance, past entries have...

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WHY YOU SHOULD NOT ROLL OVER YOUR COMPANY FUNDS TO AN IRA

By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport In her June 28, 2023 Slott Report post, Sarah Brenner discussed several reasons why it pays to roll over your retirement plan savings to an IRA. Another option is to keep your funds in the plan. Keep...

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WHY YOU SHOULD ROLL OVER YOUR RETIREMENT FUNDS TO AN IRA

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport If you are like most American workers, you will change jobs many times during your lifetime. With a job change, you will have a decision to make. What should you do with the...

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DEATH OF AN IRA BENEFICIARY – BEFORE CLAIMING THE ACCOUNT

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport   When an IRA owner dies, we look to the beneficiary form to determine who should receive the IRA funds. After death, there is a transition process as assets are moved into an inherited...

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