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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...
THE 10-YEAR RULE AND INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I have a general question regarding the 10-year time frame for emptying an inherited IRA. Your guidance says that the deadline is the END of the tenth year following death....
4 WAYS TO REDUCE YOUR RMD TAX BITE
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Markets continue to climb. That is good news for your retirement account. However, there is a downside. When you contribute to a traditional IRA or a pre-tax 401(k), you make a deal...
RMD RULES FOR IRA BENEFICIARIES: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Hi, My last remaining parent, my mother, passed away in May 2017, and my younger brother and I inherited her IRA (equally split into inherited IRA accounts). We were of the understanding we could...
ARE 529-TO-ROTH IRA ROLLOVERS SUBJECT TO STATE TAX?
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Previous Slott Report articles have covered the new SECURE 2.0 provision allowing 529 funds to be rolled over to Roth IRAs. We’ve reported that there are several unanswered questions concerning this new...
REQUIRED MINIMUM DISTRIBUTIONS AND ELIGIBLE DESIGNATED BENEFICIARIES: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: I know you can delay taking your first required minimum distribution (RMD) until April 1 of the year after you turn age 73. If you convert your entire IRA into a Roth before that date, but...
WHAT IS RETIREMENT? FANTASY VS. REALITY
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Three times a week, every week, we add to the Slott Report. Two article entries and a mailbag. All factual, measurable information. “This is what to consider when you name a trust as your...
HOW SECURE 2.0 IMPACTS COMPANY PLAN IN-SERVICE WITHDRAWALS
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Retirement plan funds are designed for retirement, but Congress continues to make it easier for employees to pull out those funds while still working. The SECURE 2.0 law adds several new in-service...
HIGHER EDUCATION AND BACKDOOR ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I have a client who is under age 59 ½ with a small traditional IRA. She wants to cash it in and use the funds for college education for her daughter. If I remember...
TAX TIME TIPS FOR IRAS
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport IRAs are an important, but often overlooked, part of your overall tax planning. As the deadline for filing 2023 tax returns approaches, it is a good time to incorporate your IRA plan...
WHAT’S THE PROCESS WHEN A TRUST (OR ESTATE) IS IRA BENEFICIARY?
The same conversation has, understandably, been repeated many times. The questions are similar: “What do we do when a trust (or estate) is IRA beneficiary? How do we set up the account? Aren’t we now stuck with the high trust tax rates?” Of course, there is not enough...
COVERDELL ESA ACCOUNTS AND FIRST RMD YEAR DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Hi Ed, I have Coverdell ESA accounts for my 5 grandchildren. My question is whether Coverdell ESAs can be treated the same as 529 plans under the new law when it comes to unused funds being...
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