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GHOST VS. 5-YEAR: THE CALENDAR DICTATES
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Ever since the SECURE Act created a 10-year payout rule for most IRA beneficiaries, that topic has garnered the bulk of conversation. This is understandable. Not only was the 10-year rule a brand-new...
Weekly Market Commentary
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport We’re getting lots of questions about the SECURE 2.0 change that allows annuitized IRA annuities to be aggregated with non-annuity IRA funds for required minimum distribution (RMD) purposes. This change...
529 PLANS AND INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG
Question: I have two questions regarding the 15-year requirement that applies to new rules allowing rollovers from 529 plans to Roth IRAs. If you change beneficiaries, will it reset the 15-year clock? Secondly, if you roll your 529 plan into another 529 plan (say...
HOW DO YOU REPORT 2023 ROTH IRA CONTRIBUTIONS ON YOUR TAX RETURN? THE ANSWER MAY SURPRISE YOU
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including...
ROTH IRA FOR A TEENAGER – AN ASTRONOMICAL RESULT?
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The mailman delivered my son’s 2023 W-2 the other day. I was curious what he earned last year as a lifeguard at our community pool, so I opened the envelope. Box 1, “Wages, tips, other...
BACKDOOR ROTH IRA CONVERSIONS AND THE ANNUAL RMD REQUIREMENT: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Is it possible to do a Backdoor Roth IRA conversion with a SEP IRA? If yes, how does it work? Thank you! Yulia Answer: Hi Yulia, Yes, you can do a Backdoor Roth IRA conversion with a SEP...
529 PLANS AND QUALIFIED CHARITABLE DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: I have been funding a 529 account for over 15 years and no longer need to add deposits. Could I change the beneficiary to myself and then convert to a Roth IRA, assuming I have met the...
RMD CALCULATION AND TRUSTS FOR DISABLED BENEFICIARIES: TODAY’S SLOTT REORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Hoping you can help with this technical question. I am over 73. My traditional IRA balance as of 12/31/22 was $0.00. I made a $7,500 non-deductible traditional IRA contribution in 2023 and...
NEW ROTH PROVISIONS EFFECTIVE IN 2024
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport When the bell dropped in Times Square last Sunday night, a bunch of new provisions from the SECURE 2.0 legislation kicked in. This article will focus on the Roth-related changes that are effective in 2024....
ROTH CONVERSIONS 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 traditional IRA with a portion being nondeductible contributions. The last nondeductible contribution I made was in 2009. and I have my Form 8606 showing the...
TWO HOLIDAY LISTS
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The SECURE 2.0 Act contained over 90 sections and included numerous IRA and retirement account changes. Additionally, the legislation incorporated staggered effective dates over multiple years. Here...
SECURE 2.0 RELAXS RETROACTIVE SOLO 401(K) RULES
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Thinking of opening up a new solo 401(k) plan for 2023? Thanks to SECURE 2.0, you don’t have to rush to get it done by year end. A solo 401(k) is an excellent retirement savings vehicle for self-employed...
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