QUESTION: I attended the Mid-Year IRA Planning Opportunities 2024 Webinar on May 14th. I missed the reasons for not naming a trust as a beneficiary in an IRA. I know you can name a trust, but what would be the downside? Thank you, Victoria ANSWER: Victoria, There are...
By Ian Berger, JDIRA Analyst Question: Does a SIMPLE IRA owner who is over age 73 and still works for the same company that sponsors the SIMPLE IRA plan have to take an RMD (required minimum distribution)? He does not own any of the company. Answer: Yes. SIMPLE and...
By Sarah Brenner, JDDirector of Retirement Education You have been contributing to your IRA for years. The market is up, and you are watching those investments grow. Maybe you have rolled over funds to your IRA from your company plan. You may now have a significant...
By Andy Ives, CFP®, AIF® IRA Analyst It is perfectly acceptable for a person to participate in multiple work plans in the same year (even at the same time). For example, a 401(k) and a SEP. Or maybe a 401(k) and another 401(k). However, care must be taken to...
QUESTION: At age 80, after I take my required minimum distribution (RMD), can I then do a rollover from my IRA to my Roth IRA? If I can, is there a limit as to how much? I know that it is all taxable. Thanks, John ANSWER: John, Once your RMD has been satisfied, yes,...
After more than two years, we might actually soon be getting answers from the IRS on several important unanswered questions concerning required minimum distributions (RMDs) for those who inherit IRAs or company plan accounts. The 2019 SECURE Act completely changed the...
We are surrounded with information – and misinformation. Finding accurate up-to-date facts is increasingly difficult. Do an internet search and you will likely run into obsolete websites that have not been updated in years, paywalls demanding you subscribe before...
Question: When can we expect final SECURE Act regulations from the IRS? Mike Answer: Hi Mike, No one knows for sure. However, there is now some hope that these may be coming sooner rather than later. In recently released Notice 2024-35, the IRS said that final...
As retirement account questions go, this is the shortest inquiry with the longest answer. When asked what factors to consider and what 5-year clocks apply with a Roth 401(k) to Roth IRA rollover, I take a big breath and say, “Pull up a chair.” There are a number of...
Question: Can an individual who is using the age 55 exception to the 10% early distribution penalty roll over a part of a 403(b) account to an IRA and leave a portion in the 403(b) to take penalty-free withdrawals? Thank you, Jamie Answer: Hi Jamie, There is no rule...
If you have an IRA and you are approaching retirement age, you have probably heard the term “required minimum distribution” (RMD). But do you know the details of how the rules work and what they mean for you? Here are five facts about RMDs that every IRA owner should...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport We have written about this subject in the past (December 2023), but as is our philosophy here, learning is all about repetition, repetition, repetition. Surprisingly (he says with tongue...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I need guidance on a new client with the following information: Is age 55; Has a $700,000 ESOP in a company that he separated from over 10 years ago; and Wants...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport What do you get when community property mixes with your IRA? Well, you will discover that the results can be confusing. Here are some facts every IRA owner should know. Community...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Can a QCD (qualified charitable distribution) be made from a 401(k) plan? Thanks! Answer: No, QCDs can only be made from IRAs and inactive SEP or SIMPLE IRAs. One possible workaround would...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport It’s been over four years since the SECURE Act upended the rules for beneficiary IRA required minimum distributions (RMDs), and there’s still plenty of confusion about the new rules. The IRS did give...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport If you are at retirement age, you might be at a high risk for excess contributions due to rollover mistakes. This is because of the rule that says that the required minimum...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: My client is terminating employment and rolling over the funds from his 401(k). He was told that the funds must be rolled over to a “rollover IRA” and kept separate from any other...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport SCENARIO: In one calendar year, Jessie completes the following transactions: 1. Takes a partial distribution from her 401(k) and does a 60-day rollover to an IRA. 2. Does a 60-day rollover...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Here’s a question we get asked often: Say you retire in the year you turn age 73 (or in a later year) and you want to roll over your 401(k) funds to an IRA. Do you have to take a required minimum...
