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...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The investment advisory firm of Bad Santa & the Grinch continues to disseminate misinformation and lousy, no good, rotten-to-the-core IRA advice. As we saw in “Bad Santa & The Grinch Offer...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport A few weeks ago, many of us were required to turn back our clocks one hour and say goodbye to daylight savings time. And with that change came the usual reminder to change the batteries in our smoke...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: In 2020 and 2021, when I was over 65 years old, I converted some of my IRA into a Roth IRA. Does the five-year rule still apply to me, or can I now draw out all of the...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport An advisor called and said his 75-year-old client had just passed away. He had questions about the payout rules applicable to the three IRAs the client left behind: a traditional IRA, a Roth IRA, and...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Dear Mr. Slott, I made $40,000 additional non-deductible (after taxes) contributions to my IRA many years ago. I have filed IRS Form 8606 every year informing the IRS of the contributions....
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Within the 400-page Ed Slott advisor training manual, we include a basic chart that outlines the Roth IRA distribution ordering rules and the availability of those specific dollars. When presenting...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I earn too much money and can’t do a Roth IRA. I have heard about the back-door Roth IRA strategy for those who earn more than the allowable contribution for the Roth IRA...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I have a client who just retired at age 80. He has $800,000 in his 401(k) plan which is being rolled over to an IRA. Does he have to take an RMD this year based on the...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Did you inherit an IRA from someone who is NOT your spouse? This is not uncommon. Maybe you inherited from a sibling or a parent or a friend. If this is your situation,...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: On September 6th in a piece titled, “Rules for Inherited IRAs that May Surprise Nonspouse Beneficiaries,” Sarah Brenner from Ed Slott and Company wrote, “If you inherited the IRA funds in...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The Ed Slott team answers thousands of IRA and work plan questions annually – emails, phone calls, in-person conversations, webinars, Q&A programs and texts. We accommodate all members of...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: I’m age 76. My brother died in December 2022 at 84. Do I take required minimum distributions (RMDs) for the inherited account based on my age or on my brother’s age at death? Answer: Since you’re...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport As already-complicated IRA rules spiral further into an abyss of confusion, it comes as no surprise that irregularities exist. Up is down and left is right. Green means stop, red means throw your...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport If you’re facing the unpleasant prospect of paying college bills for the fall semester, you may be thinking of tapping into your retirement savings to help with the costs. If you’re under age 59 ½,...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Question: Greetings, If I have the beneficiaries on my IRA listed as my wife (50%) and two children over 21 (50%), is my wife still able to move her half of the IRA into her existing IRA when I...
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Are you thinking of naming a child or grandchild as your IRA beneficiary? With the start of the SECURE Act in January 2020, the rules for inherited IRAs were upended....
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport There is no doubt we have written about this topic in past Slott Report entries. Possibly many times. There is also no doubt that people continue to make this same error, over and over...
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Question: I inherited an IRA in 2022 upon the passing of my father after he had already started his RMDs. I took a 2023 RMD from it in May 2023. Your website says I’m not...
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to...
