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CLARIFYING THE ROLLOVER/TRANSFERS RULES WHEN AN RMD IS DUE
Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport In the June 16, 2021 Slott Report, we discussed how an in-service distribution made in the year of separation from service can inadvertently create an excess IRA contribution if that distribution is...
THE 10-YEAR RULE AND ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG
Sarah Brenner, JD Director of Retirement Education Question: A client of mine born in 1952 passed away in March 2021 and the IRA passed to her mother who is 91 years old. So, the 10 year rule applies to liquidate the IRA as she is not an eligible designated...
RMDS, THE STILL-WORKING EXCEPTION, AND THE BEST-LAID PLANS
By Andy Ives, CFP®, AIF® IRA Analyst A required minimum distribution (RMD) from a 401(k) (or other employer plan) must be taken prior to rolling remaining plan dollars to an IRA. An RMD cannot be rolled over, so it must be withdrawn before any rollover is completed....
MARRIAGE HAS ITS BENEFITS – 4 IRA RULES SAME-SEX COUPLES SHOULD KNOW
Sarah Brenner, JD Director of Retirement Edcuation June is PRIDE Month. This June also marks the sixth anniversary of the landmark Supreme Court case Obergefell v. Hodges, which legalized same-sex marriage. In the wake of this decision, millions of same-sex couples...
INHERITED 401(K) PLANS AND THE RMD AGE: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Question: How can the beneficiaries of an estate roll a 401(k) paid to the estate to a Roth IRA? What steps must be taken? Bob Answer: Bob, Inherited IRAs cannot be converted to inherited Roth IRAs, but inherited 401(k) plans can...
IRS RECTIFIES MISTAKEN INTERPRETATION OF 10-YEAR PAYOUT RULE
By Ian Berger, JD IRA Analyst On April 14, we reported that the IRS was apparently interpreting the SECURE Act's 10-year payout rule in a surprising way – to require annual required minimum distributions (RMDs). Now, the IRS has made it clear (without actually saying...
10-YEAR RULE: BENEFICIARY PLANNING “LOOPHOLE” CLOSED
By Andy Ives, CFP®, AIF® IRA Analyst With the passage of the SECURE Act, once common IRA beneficiary planning strategies have been upended. For example, no longer can just anyone stretch payments on an inherited IRA. You must qualify as an “eligible designated...
ROTH CONVERSIONS & 401(K) RMDS: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Question: Hi! I attended the February 2021 IRA seminar and had a question re: Roth conversions. The seminar discussed rolling over assets held in a company plan into a Roth IRA. I’m dealing with a client that wants to roll over a lump...
SECURE ACT REGULATIONS EXPECTED “SOON”
By Sarah Brenner, JD Director of Retirement Education It has been well over a year since the SECURE Act became a reality, transforming the rules for inherited IRAs and doing away with the stretch IRA for most beneficiaries. While the SECURE Act statute gave us...
RMD RULES & INHERITED IRAS UNDER THE SECURE ACT: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Question: We have a client that owns two substantial IRA accounts plus a smaller beneficiary IRA. Does the beneficiary IRA have its own RMD rules (the client has owned it for 10 years and has been taking RMD’s...
HOW THE ONCE-PER-YEAR ROLLOVER RULE IS MISUNDERSTOOD
By Ian Berger, JD IRA Analyst One of the cardinal sins you can commit with an IRA rollover is to run afoul of the IRS “once-per-year” rollover rule. Violating that rule triggers a taxable distribution and the 10% early distribution penalty if you are under age 59 ½....
EXCESS IRA CONTRIBUTIONS – GAMING THE SYSTEM?
By Andy Ives, CFP®, AIF® IRA Analyst An IRA owner can contribute only so much to a Traditional and/or Roth IRA annually. The IRA owner must also have earned income. The contribution limit for 2021 is $6,000, with a catch-up provision of another $1,000 for those age 50...
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