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EXCEPTIONS TO THE 10% EARLY DISTRIBUTION PENALTY: PROCEED WITH CAUTION
By Jeremy T. Rodriguez, JD IRA Analyst Every so often, the IRS or the courts remind us that the exceptions to the 10% early distribution penalty are narrowly interpreted. That means if your situation doesn’t fit the letter of the law to a “t,” then the exception will...
7 TAX-FREE HSA DISTRIBUTIONS THAT MAY SURPRISE YOU
By Sarah Brenner, JD IRA Analyst You may understand the basics of how an HSA works. The fundamental premise is not so complicated. If you have a qualifying high deductible health plan you may contribute to an HSA. Then, you can take tax-free distributions to pay for...
DIRECT ROLLOVERS AND ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG
By Beverly DeVeny IRA Analyst Question: Hello, I met Ed Slott at an FPA function where he spoke in Independence Ohio, several years ago. I have purchased books written by him, however I am not presently a subscriber to your service. I would appreciate your response to...
HOW TO MAKE REQUIRED MINIMUM DISTRIBUTIONS WORK FOR YOU
By Jim Glass, JD IRA Analyst As summer ends and fall approaches, so does the season for taking required minimum distributions (RMDs). There is a 50% penalty for failing to take an RMD, so don't miss one. But don't just take an RMD, plan ahead now to make it work for...
“SEE-THROUGH” TRUSTS – WHAT YOU NEED TO KNOW
By Sarah Brenner, JD IRA Analyst You may ask if you should leave your IRA to a trust. This can be a complicated question. Trusts can be complex and retirement accounts are not like other assets. How a Trust Beneficiary Can Get the Stretch If you are thinking a trust...
ROLLOVERS AND ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD IRA Analyst Question: To whom it may concern, Quick question. Client’s daughter died at age 41. Client is age 71. Can she combo her daughter’s 401k into her current Traditional IRA since she has to take RMD’s on the traditional and a...
TIME TO ROLLOVER YOUR EMPLOYER PLAN? KNOW YOUR OPTIONS!
By Beverly DeVeny IRA Analyst For years we saw and heard the commercials – rollover your 401(k) to an IRA. They suggested that this was the only option – and the best option – for you. But it was not the only option; and it might not be the best option for you. Here...
ROLLING OVER REQUIRED MINIMUM DISTRIBUTIONS? SOUNDS CRAZY, BUT THERE’S ALWAYS AN EXCEPTION
By Jeremy T. Rodriguez, JD IRA Analyst One of the most important things you learn in law school is how the law is structured. You are better able to analyze the rule (and predict outcomes) when you understand how it is was created and how is has been treated ever...
ROTH IRAS & 72(T) PAYMENTS: TODAY’S SLOTT REPORT MAILBAG
By Jim Glass, JD IRA Analyst Question: Mr. Slott, My 45 year old daughter’s financial advisor has recommended for her NOT to put retirement contributions into a Roth IRA! His reason being that by paying taxes up front for a Roth, there is less money to grow! Also,...
BE SURE YOUR IRA BENEFICIARIES ARE DESIGNATED BENEFICIARIES
By Jim Glass, JD IRA Analyst IRAs have beneficiaries and "designated beneficiaries," and it is important to know the difference. If you wish your heirs to have the opportunity to take full advantage of "stretch" IRAs, and to avoid other possibly costly mistakes, be...
TAKE YOUR RMD LIKE A ROCK STAR
By Sarah Brenner, JD IRA Analyst Follow Us on Twitter: @theslottreport Even rock stars get older. Although it may seem hard to believe, both Steven Tyler of Aerosmith fame and rock legend and reality tv star Ozzy Osborne celebrate their 70th birthdays in 2018. Steven...
MY FIRST RMD
By Beverly DeVeny IRA Analyst Follow Us on Twitter: @theslottreport Both my husband and I turn 70 this year but only one of us has a required minimum distribution (RMD) from our retirement accounts. Here is why. RMDs begin in the year you turn 70 ½, not 70. He turned...
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