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ROLLOVERS AND SUCCESSOR BENEFICIARY RULES: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: My client is terminating employment and rolling over the funds from his 401(k). He was told that the funds must be rolled over to a “rollover IRA” and kept separate from any other...
ONE 60-DAY ROLLOVER PER YEAR?
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport SCENARIO: In one calendar year, Jessie completes the following transactions: 1. Takes a partial distribution from her 401(k) and does a 60-day rollover to an IRA. 2. Does a 60-day rollover...
401(K) RMDS IN THE YEAR OF RETIREMENT
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Here’s a question we get asked often: Say you retire in the year you turn age 73 (or in a later year) and you want to roll over your 401(k) funds to an IRA. Do you have to take a required minimum...
INHERITED IRAS AND QUALIFIED CHARITABLE DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: My brother died in 2020 and made me the beneficiary of an IRA he inherited from my sister who died in 2017. Can I continue to stretch the payments from this...
3 QUESTIONS TO ASK TO DETERMINE IF AN HSA IS RIGHT FOR YOU
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport The cost of healthcare continues to climb. Are you frustrated with higher premiums and out-of-pocket costs? You are not alone. You may be looking for new strategies to handle these...
FUNDAMENTALS OF THE LIFETIME RMD
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport We answer some pretty complex IRA and retirement plan questions. Our newsletters and other Slott Report entries can get into the weeds on some tricky topics. The thing is, when you spend all...
ROTH IRA DISTRBUTION RULES AND COMBINING IRAS: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Can you please clarify a question I have about whether I should take a Roth IRA withdrawal? I am much older than age 59 ½, and my first Roth IRA was opened over 20 years ago. I now own a...
IRS WAIVES 2024 RMDS FOR IRA BENEFICIARIES SUBJECT TO THE 10-YEAR RULE
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport If you’re an IRA beneficiary subject to the 10-year payout period and would have had a 2024 required minimum distribution (RMD), you’re in luck. In IRS Notice 2024-35, issued yesterday (April 16), the IRS...
TWO RMD STRATEGIES TO AVOID IRMAA
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport You have carefully saved for retirement and now you have accumulated a substantial amount of funds in your IRA. At some point the funds that you have been putting away for years...
REQUIRED MINIMUM DISTRIBUTIONS AND QUALIFIED CHARITABLE DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: Dear IRA Help, My mother passed away in April of 2023 and no required minimum distribution (RMD) was taken. The entire IRA account was paid out to the charity that was the...
THE WISE SHOPPER – ROTH CONVERSIONS
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Imagine walking through a grocery store, intent on purchasing a specific item. As you turn down an aisle, little colorful tags proclaiming “Special Deal” and “Buy 1, Get 1” protrude from each...
JUST A FEW DAYS LEFT TO FIX 2023 EXCESS 401(K) DEFERRALS
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport If you exceeded the 2023 limit for 401(k) deferrals, time is of the essence to correct the error. If you don’t act quickly, the tax consequences can be serious. The maximum amount of pre-tax and Roth...
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