• IRA BLOG

  • What a Year Means When it Comes to Your IRA Rollover

    The once-per-year rollover rule says that you can only roll over one IRA distribution from all of your IRAs (both traditional and Roth) in a one-year period. This is a tricky rule and many taxpayers have run into trouble with it. One area that can be very confusing is determining...

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    Avoid Penalties and Fees by Learning These Rules: Today’s Q&A Mailbag

    This week's Slott Report Mailbag looks into QCDs, RMDs, Rollover IRAs and Recharacterizations. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I put $5,500 in my new Roth IRA for ...

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    Options for a Spouse Beneficiary – Remain a Beneficiary or Retitle to Your Own Account?

    Warning! The options described here are for spouse beneficiaries named on the beneficiary forms of IRA accounts. Non-spouse beneficiaries and spouses who inherit through an estate have a different sets of rules. Your spouse has died and you are named the beneficiary of their ...

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    5 Retirement Savings Strategies for Younger Workers

    No one can argue that the millennial generation faces big challenges when it comes to savings. Younger workers are dealing with record setting student loan debt, high housing costs and stagnant wage growth. It’s hard to save for retirement when you are worried about the next ...

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    Avoid Accidentally Making a Prohibited Transaction: This Week’s Q&A

    This week's Slott Report Mailbag examines TDAs, IRAs, and prohibited transactions.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I am a retired New York City educator who has a...

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    Hurricane Harvey Relief from IRS and the Department of Labor

    Here is a preview of what might come if Hurricane Irma hits the U.S. IRS and the Department of Labor (DOL) have made several announcements regarding various tax and retirement plan rules and deadlines that have been modified to allow relief for Hurricane Harvey victims. The ...

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    Want to Donate to Harvey Victims? Consider a QCD

    As the flood waters slowly recede in the Houston area, many people are asking themselves how they can help the victims of Hurricane Harvey. For those who have IRAs and are charitably inclined a Qualified Charitable Distribution (QCD) may be one way you can help. QCD Rules ...

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    Do You Know What to Do When You Inherit an IRA? This Week’s Q&A.

    This week's Slott Report Mailbag looks into QCDs, RMDs and inherited IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: Good afternoon. I have a quick question. Can a Roth ...

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    7 Things Your IRA Custodian Won’t Tell You

    It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them. 1. 60-Day Rollovers – An IRA custodian will not remind ...

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    15 Things You Need to Know About ESAs

    Education is expensive. If you have children and you are concerned about how you will pay the school bills, you know that you cannot afford to overlook any possible option that may help you save. One savings tool that is frequently overlooked is the Education Savings Account ...

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    You Must Play by the Rules with RMDs and QCDs: Q&A Mailbag

    This week's Slott Report Mailbag examines Roth IRA transfers, QCDs and RMDs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: Dear Ed Slott and Company, Thank you for helping me ...

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    Paying for College – Should You Use Your IRA Funds?

    It’s back to school time and the costs for college are quickly mounting. Where is the money going to come from? Many times individuals look to their retirement funds to pay higher education expenses. Can this be done and is it a smart move? There is an exception to the 10% ...

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    Close is Not Enough When It Comes to the 10% Penalty

    A well-known quote attributed to baseball great, Frank Robinson, says “Close doesn't count in baseball. Close only counts in horseshoes and hand grenades.” In a recent Tax Court Case, David D. Pritchard et ux. v. Commissioner; T.C. Memo. 2017-136 (July 10, 2017),the Court ...

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    Is There a Way Around the 10% Early Distribution Penalty? This Week’s Q&A

    This week's Slott Report Mailbag looks into the one-rollover-per-year rule, RMDs and the 10% early distribution penalty. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: A couple ...

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    Say Goodbye to the myRA Account

    On July 28, the Treasury Department announced that it was ending the myRA program. The Department issued a very brief statement saying that as part of the Administration’s effort to assess existing programs and promote a more effective government it was determined that this ...

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    Your NUA and Required Beginning Date Questions Answered: This Week's Q&A

    This week's Slott Report Mailbag examines NUA and the required beginning date (RBD) for taking an RMD.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: Hello and thank you in ...

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    Back to School? 10 Things You Must Know about Using your IRA for Educational Expenses

    The arrival of August means that it’s back to school time! This means it is time for new school supplies and other bigger expenses. Are you thinking about using your IRA to pay that large tuition bill? The rules can be complicated. Here are 10 things you will want to know: ...

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    What’s Your IRA Worth?

    Many IRA owners invest in assets other than the usual stocks, bonds, cash, and mutual funds. In fact, the tax code allows for IRAs to invest in just about anything out there except for collectibles, life insurance, and S-corporation stock. But when you invest in those “other ...

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    5 NUA Facts That May Surprise You

    You may have heard of the Net Unrealized Appreciation (NUA) tax break. This is a special rule that allows you to qualify for capital gains treatment on distributions of appreciated employer stock from your employer plan. With the market doing well, now may a be a time when this ...

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    Don’t Inherit a Mess When Your Spouse Passes Away: This Week’s Q&A

    This week's Slott Report Mailbag looks into inherited IRAs, spousal rollovers, and 401(k)'s.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: Dear Mr. Slott, I am 83 years old ...

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    Inheriting an Inherited IRA

    What are the rules when you inherit an inherited IRA? We get this question frequently. Let’s consider what happens when using designated beneficiaries. Jim dies and names Mike as his beneficiary on the beneficiary form. Five years later Mike dies and has named Phyllis, who ...

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    The 10% Penalty Exception Quiz

    Retirement plans are intended to be used for retirement. However, sometimes life gets in the way and you need to tap those funds early. Generally, when you take a distribution from your retirement plan prior to reaching age 59 1/2, you will be hit a with a 10% early distribution ...

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    When You Want to Transfer 401(k) Funds from a Former Employer: This Week’s Q&A

    This week's Slott Report Mailbag looks into IRA contributions and rolling over 401(k) assets from former employers.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: My husband ...

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    Hardship and Retirement Distributions – No Free Pass

    A very common mistake on the part of IRA owners and plan participants is thinking that distributions taken because of their financial difficulties are tax and penalty free. Hardship Withdrawals There is no hardship withdrawal from an IRA. You have access to your IRA funds ...

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    Why Your Kids Don’t Want Your HSA

    Do you have an HSA? Have you thought about what will happen to those funds after you are gone? You may be surprised. At your death, any funds remaining in your HSA are payable to the beneficiary you name on the account. If your spouse is your beneficiary the news is good. If ...

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    Don’t Make the Same Mistakes These Advisors Made: This Week’s Q&A

    This week's Slott Report Mailbag looks into inherited SEP-IRAs, 403(b)s and inherited IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I attended a past seminar and was ...

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    Five Things to Consider When Researching Retirement Questions on the Internet

    The internet can be a blessing and it can be a curse. It is a fantastic place to do research on almost anything, but is the information you find current and accurate? Here are five things to consider when doing internet research into retirement questions. Check the Date ...

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    5 Strategies to Reduce RMDs

    Nothing lasts forever. This includes tax deferral on your IRAs. Eventually, Uncle Sam is going to want his share and will require funds to come out of these accounts. That is when required minimum distributions (RMDs) must begin. What if you don’t need the money? What if you ...

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    Taxes Can Be Hefty If You Make These Rollover Mistakes

    This week's Slott Report Mailbag looks into taking RMDs from multiple accounts, 60-day rollovers and the once-per-year rollover rule.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question:...

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    IRA Distribution Basics – Taxation of Distributions

    Most IRA accounts hold pre-tax contributions and rollover amounts from employer plans. For purposes of this blog, I am going to assume that there are no after-tax amounts held in any IRA, including SEP and SIMPLE IRAs. IRA distributions where the check is made payable to the ...

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    10 Things You Must Know about HSAs

    As the summer heats up, healthcare remains a hot topic. Will the ACA survive? Will Congressional Republicans succeed in repealing and replacing it? As we reach July these questions remain unanswered. One thing that is clear, however, is that Health Savings Accounts (HSAs) are ...

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    Questions about Your Inherited IRA? This Week’s Mailbag Q&A

    This week's Slott Report Mailbag looks into inherited IRAs, RMDs, and NUAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I have a question about a spouse inheriting from her ...

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    Six Things to Know About the Year-End Account Balance Used for RMDs

    1. General Rule As a general rule, the account balance used for calculating required minimum distributions (RMDs) is the prior year-end account balance, with no adjustments. For example, if you are calculating an RMD for 2017 you would use the 2016 year-end account ...

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    Do You Know When the Pro-Rata Rule Applies? This Week’s Q&A Mailbag

    This week's Slott Report Mailbag looks into direct rollovers, Notice 2014-54, the pro-rata rule and NUAs.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: Hello, I have attended ...

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    Once-Per-Year Rollover Rule – The Exceptions to the Rule

    As with most IRA rules, there are exceptions to the once-per-year rollover rule. The rule applies to IRA-to-IRA and Roth IRA-to-Roth IRA 60-day rollovers. Just to be clear, an IRA rollover occurs when a check is issued by the IRA or Roth IRA custodian that is payable to the ...

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    Once-Per-Year Rollover Scenarios – What’s Ok and What’s NOT Ok

    The once-per-year IRA rollover rule sounds pretty easy to understand. You may only do one IRA-to-IRA (or Roth IRA-to-Roth IRA rollover) per year (365 days). However, there are many ways it can go wrong. Consider the following two scenarios. One involves multiple distributions and...

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    Avoid 60-Day Rollover Mistakes: This Week’s Q&A

    This week's Slott Report Mailbag looks into 60-day rollovers, IRA withdrawals, and NUAs.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: A few weeks ago, I withdrew money from my ...

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    Quiz Yourself With These IRA Questions!

    After you’ve answered the questions below, scroll down to see the answers and see how well you know your stuff! 1) Of Roth IRAs, Roth 401(k)s and inherited Roth IRAs, which, if any, are subject to required minimum distributions? 2) Technically speaking, what does IRA ...

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    The High Cost of IRA Mistakes

    So you think you don’t need/can’t afford an advisor? Have you considered the cost of making IRA mistakes? Even seemingly simple transactions are subject to rules and restrictions under the tax code. Did you contribute too much by mistake? This mistake cannot be corrected by ...

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    Calculating RMDs with Multiple Beneficiaries: This Week’s Q&A

    This week's Slott Report Mailbag looks into calculating RMDs with multiple beneficiaries and inheriting IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: Good afternoon. I ...

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    The 10% Penalty and Converted Funds - Five Things You Need to Know

    The Roth IRA rules can be complicated. One area that is especially complex is understanding how the 10% penalty applies to converted Roth IRA funds. Here are five things you need to know if you already have converted funds in your Roth IRA or if you are just trying to decide ...

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    America’s IRA Experts are in Las Vegas!

    Greetings Slott Report readers! This week, Ed and I are in Las Vegas for the first ever AICPA Engage Conference. Engage has taken some of the biggest (and in my humble opinion, best) AICPA conferences, such as the Advanced Personal Financial Planning Conference and the ...

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    This Week’s Q&A: Is Roth Conversion Right for Everyone?

    This week's Slott Report Mailbag looks at converting a traditional IRA to a Roth IRA, as well as making Roth contributions in the year of retirement.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and ...

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    Important Ages in Retirement Planning

    Age 50 Catch-up contributions for most retirement plans and IRAs can be made beginning in the year you are going to turn age 50. The only plan that does not allow catch-up contributions is the SEP IRA. The following are the catch-up limit amounts. IRA/Roth IRA  $1,000 ...

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    How a Roth 401(k) is Different than a Roth IRA

    Roth 401(k)s and Roth IRAs have a lot in common. Both offer the ability to make after-tax contributions now in exchange for tax-free earnings down the road if the rules are followed. However, there are some important differences between the two plans that you will want to ...

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    Inherited an IRA with Missed RMDs? This Week’s Q&A

    Inherited an IRA with Missed RMDs? This Week’s Q&A This week's Slott Report Mailbag looks into missed RMDs, inherited IRAs, and QDROs.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. ...

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    3 Ways to Decimate a Retirement Account in a Flash

    3 Ways to Decimate a Retirement Account in a Flash 1) Missing the 60-day Rollover Window If you want to move your retirement account from one institution to another, you can do it one of two ways; directly or indirectly. Moving your account directly is the preferred way ...

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    Tax-Free Roth IRA Conversions?

    Tax-Free Roth IRA Conversions? We received many questions this past tax season about Roth IRA conversions that were supposed to be tax-free, but were not. Here is the scenario. Pam is eligible to make an IRA contribution but is not eligible to deduct it. She also is not ...

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    Have You Faced This Dilemma with Spousal Contributions? This Week’s Q&A

    Have You Faced This Dilemma with Spousal Contributions? This Week’s Q&A This week's Slott Report Mailbag looks into IRA beneficiaries, Roth IRAs, and spousal contributions. As always, we recommend you work with a competent, educated financial advisor to keep your ...

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    State and City-Run IRA Plans Are Not Going Away

    State and City-Run IRA Plans Are Not Going Away On April 13, President Trump signed into law legislation that blocked Obama-era Department of Labor (DOL) regulations encouraging the establishment of IRA plans run by cities and municipalities. On May 17, he signed similar ...

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    DOL Fiduciary Rule to Go into Effect June 9

    DOL Fiduciary Rule to Go into Effect June 9 The long-running saga of the Department of Labor (DOL) fiduciary rule took another turn on May 22 when Secretary of Labor Alexander Acosta confirmed that there would be no delay in the June 9, 2017, implementation date. Mr. Acosta said...

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    The 99% Rule for Spousal Beneficiaries of Retirement Accounts

    The 99% Rule for Spousal Beneficiaries of Retirement Accounts It sounds funny to say, but death is a part of life for all of us. It’s one of the few things that all of us will have in common at some point, and it’s one of the few issues that must be addressed in every plan. ...

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    Inherited IRAs and Roth IRA Distributions. This Week’s Q&A Mailbag.

    Inherited IRAs and Roth IRA Distributions. This Week’s Q&A Mailbag. This week's Slott Report Mailbag looks into inherited IRAs, RMDs, and Roth IRA distributions. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest ...

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    One-Rollover-Per-Year Rule and Spouse Beneficiaries

    One-Rollover-Per-Year Rule and Spouse Beneficiaries Hopefully, by now everyone has heard that IRA owners can only do one IRA-to-IRA or Roth IRA-to-Roth IRA 60-day rollover in any one-year period. This interpretation of the 60-day rollover rules was part of a 2014 Tax Court ...

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    How Your IRA Can Cost You When It Comes to Medicare

    How Your IRA Can Cost You When It Comes to Medicare You have done the right thing for years. You have diligently saved and accumulated funds in your IRA.  At some point, the funds that you have put away for years must come out. Uncle Sam wants his share. When you reach age 70 ...

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    Preparing for Inherited IRAs: This Week’s Q&A Mailbag

    Preparing for Inherited IRAs: This Week’s Q&A Mailbag This week's Slott Report Mailbag looks into inherited IRAs, calculating RMDs, and 60-day rollovers.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe...

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    7 Ways the IRS Knows…

    7 Ways the IRS Knows… It’s not a good question to be asking, and it’s certainly not the right question to be asking, but one fairly common question asked by both advisors and clients is “How are they going to know?” The “they,” they’re referring to, is the IRS. ...

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    The 10% Early Distribution Penalty Exceptions – Know the Rules

    The 10% Early Distribution Penalty Exceptions – Know the Rules This is a reminder that not all 10% early distribution penalty exceptions apply to all retirement plan distributions. Here are the three biggest mistakes that we see. Higher Education – From IRAs Only ...

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    Problems with the Once-Per-Year Rollover Rule? This Week’s Q&A

    Problems with the Once-Per-Year Rollover Rule? This Week’s Q&A This week's Slott Report Mailbag looks into 72(t) payments, CD-IRAs, and the once-per-year rollover rule. As always, we recommend you work with a competent, educated financial advisor to keep your retirement ...

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    6 Things Every Non-Spouse IRA Beneficiary Needs to Know

    6 Things Every Non-Spouse IRA Beneficiary Needs to Know It is not unusual to inherit an IRA from someone who is not your spouse. Many people inherit an IRA from a parent or a sibling. If this is the case for you, here are six things you will want to know. 1. Take some time. ...

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    3 Reasons a 401(k) Deferral Beats an IRA Contribution

    3 Reasons a 401(k) Deferral Beats an IRA Contribution 1) There Are No Restrictions Preventing a Tax Break When you defer a portion of your salary into a traditional 401(k), the amount deferred will reduce your taxable income dollar-for-dollar. This is true regardless of how ...

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    What the Trump Tax Plan Means for Your Retirement

    What the Trump Tax Plan Means for Your Retirement On April 26, 2017, the Trump administration released its highly-anticipated tax reform plan. The administration said the goals of the plan include growing the economy, creating jobs and simplifying the tax code. The changes ...

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    Did You Have a Loss of Funds in an IRA Thanks to Your Broker’s Illegal Transactions? This Week’s Q&A

    Did You Have a Loss of Funds in an IRA Thanks to Your Broker’s Illegal Transactions? This Week’s Q&A This week's Slott Report Mailbag looks into inherited IRAs, RMDs, illegal trades, and PLRs. As always, we recommend you work with a competent, educated financial ...

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    So You Think You Need to Name a Trust as the Beneficiary of Your IRA

    So You Think You Need to Name a Trust as the Beneficiary of Your IRA In two weeks I had three trusts come across my desk that were named as the beneficiary of the account owner’s IRA. The account owner had now died and the universal question was, “Now what?” The first ...

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    7 Things You Need to Know About the Once-Per-Year Rollover Rule

    7 Things You Need to Know About the Once-Per-Year Rollover Rule In 2014, the Tax Court in the Bobrow case ruled that the once-per-year rollover rule applies to all of an individual’s IRAs, not to each of their IRA accounts separately. The Court’s surprising ruling conflicted...

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    If You're Over 70 1/2 Years Old and Still Working You Need to Know This

    If You're Over 70 1/2 Years Old and Still Working You Need to Know This This week's Slott Report Mailbag looks into still working exceptions, RMDs, and IRA transfers.  As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest ...

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    How to Increase Your Chances of Audit to 100%

    How to Increase Your Chances of Audit to 100% Congratulations! You’ve made it through yet another tax season. By now, you should have either filed your return or an extension. If you did the former, and actually filed your return, a three-year statute of limitations clock has ...

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    Interesting Use of the QCD Strategy

    Interesting Use of the QCD Strategy Qualified Charitable Distributions (QCDs) are now a permanent part of the tax code. They allow individuals who are at least 70 ½ years old at the time of the transfer to directly transfer IRA funds to a qualifying charity. The individual gets...

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    What Victims of Casualty Theft Need to Know: This Week’s Q&A

    What Victims of Casualty Theft Need to Know: This Week’s Q&A This week's Slott Report Mailbag looks into Casualty Theft, IRS rules, Medicare, and Roth conversions.As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest ...

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    Last Minute IRA Contribution Advice

    Last Minute IRA Contribution Advice The 2016 tax-filing deadline is upon us. Are you considering making a 2016 IRA contribution? It’s not too late, but time is quickly running out. Here are some  quick words of last minute advice to keep in mind as you make your contribution....

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    Sometimes It Pays to Treat Your Kids Unequally

    Sometimes It Pays to Treat Your Kids Unequally As the father of more than one child, I understand the desire to try and treat children as equally as possible. You certainly don’t want one child to think you love him/her any less, or more, than your other children (though ...

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    The Consequences of Breaking Rollover Rules

    The Consequences of Breaking Rollover Rules This week's Slott Report Mailbag looks into IRA rollovers, IRA transfers, and back-door Roth IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. ...

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    An IRA Rollover Quiz

    An IRA Rollover Quiz Most people think it is easy to move their retirement assets. But is it? The following is a quick quiz. How many of these rollover questions can you get correct? The answers are at the end of the quiz. You are moving funds out of your employer plan to ...

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    The Ultimate Rainy Day Fund; The Roth IRA

    The Ultimate Rainy Day Fund; The Roth IRA A recent Pew Charitable Trusts study released in March came to the scary conclusion that roughly one-third of Americans would have trouble coming up with $2,000 in the event of an emergency. Clearly, this is a problem. Try as one might, ...

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    This Week's Q&A: Converting a Pre-Tax IRA to a Roth and More

    This Week's Q&A: Converting a Pre-Tax IRA to a Roth and More This week's Slott Report Mailbag looks into converting and contributing to different IRAs, 401(k)s, and RMDs.  As always, we recommend you work with a competent, educated financial advisor to keep your ...

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    Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time

    Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time 1. It is not too late to recharacterize a Roth IRA conversion done in 2016. 2. Only funds actually distributed from an IRA or employer plan in 2016 will count as a 2016 Roth conversion. 3. A ...

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    What You Should Know Before You Name an HSA Beneficiary

    What You Should Know Before You Name an HSA Beneficiary If you have an HSA, you will want to give some thought to what will happen to this account after your death. The rules are a little tricky and careful planning is important to minimize the tax bite. HSA Beneficiaries ...

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    Don't Lose Out on Claiming a Loss: This Week's Q&A

    Don't Lose Out on Claiming a Loss: This Week's Q&A This week's Slott Report Mailbag looks into claiming a loss in a traditional IRA, and 403(b) transfers. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe ...

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    Is a Trusteed IRA Right for You?

    Is a Trusteed IRA Right for You? Trusteed IRAs have been in the news recently. More and more financial organization are making these products available. Is a trusteed IRA a good strategy for you? Here is what you need to know about this increasingly popular option. An ...

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    Strategies to Make the Most of Your Retirement Assets

    Strategies to Make the Most of Your Retirement Assets “Confidence comes from being prepared.” —John Wooden A successful retirement plan does not happen overnight nor can it exist without proper preparation. A client once asked me, “How can we properly ...

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    7 IRA Questions to Ask Before You File Your Return

    7 IRA Questions to Ask Before You File Your Return 1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040. 2) Did you make a non-deductible IRA contribution for 2016? If yes, make sure the ...

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    Mailbag Q&A: Early Distributions, Back-door Roth Conversions and More

    Mailbag Q&A: Early Distributions, Back-door Roth Conversions and More This week's Slott Report Mailbag looks into early distributions, back-door Roth conversions, and Roth IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your ...

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    Things to Tell Your Tax Preparer During Tax Season

    Things to Tell Your Tax Preparer During Tax Season Any time you get a 1099-R for a retirement plan transaction, make sure you give it to your tax preparer. The IRS gets copies of your 1099-Rs, so they need to be included on your income tax return. They cannot be ignored, even if...

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    How Cupid’s Arrow May Save Your Retirement Plan

    How Cupid’s Arrow May Save Your Retirement Plan Over $23 trillion sits in various types of retirement accounts across America, according to the Employee Benefit Research Institute. Even that figure may be low. Since 2011 when that figure was calculated, markets have ...

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    6 Tips for Making Your 2016 Roth IRA Contribution

    6 Tips for Making Your 2016 Roth IRA Contribution Tax season is well underway. This is the time when you may be considering contributing to a retirement account. You may be interested in the Roth IRA, which offers the promise of tax-free withdrawals in retirement if you follow ...

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    Can You Really Transfer That Penalty Free? This Week's Q&A

    Can You Really Transfer That Penalty Free? This Week's Q&A This week's Slott Report Mailbag looks into IRA transfers and international transfers. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure....

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    Do You Have to File an Amended Return?

    Do You Have to File an Amended Return? If you’re like most people, you’ve probably wondered at some point, “Do I need to file an amended return for that?” It is in that spirit that we offer you seven common errors and whether or not you should file an amended return ...

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    QCD – Tell Your CPA About It

    QCD – Tell Your CPA About It Did you or your client do a QCD (Qualified Charitable Distribution) last year? Make sure the tax preparer knows about it. The IRA custodian is not required to report a QCD transaction on Form 1099-R. Instead, it will show up as a regular ...

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    There’s No Place Like Home: Unlocking the Door to Greater Retirement Income

    There’s No Place Like Home: Unlocking the Door to Greater Retirement Income Running out of money while there is still much life to live is frightening. The specific concern is that retirees might spend down their assets at a faster pace than their investment gains accrue. ...

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    After Death, Don't Leave Your Loved Ones This Headache

    After Death, Don't Leave Your Loved Ones This Headache This week's Slott Report Mailbag looks into beneficiaries, inherited IRAs, RMDs and annuities. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and ...

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    If IRAs Had Oscars…

    If IRAs Had Oscars… Announcer: And the award for Best Type of Account to Help John Doe in Retirement goes to… …the Roth IRA! Roth IRA: I… I… I don’t know what to say. I mean this is all so unexpected. I’d like to thank John Doe for believing in me when no...

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    IRS OKs Spousal Rollover. . . with a Twist

    IRS OKs Spousal Rollover. . . with a Twist In recent Private Letter Ruling (PLR 201706004) the IRS allowed a widow to do a spousal rollover, but with an interesting twist that also ruled the five-year rule applied because the IRA had no designated beneficiary. Widow’s Story...

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    Sending Out a SOS for Those Taking RMDs and Inheriting IRAs

    Sending Out a SOS for Those Taking RMDs and Inheriting IRAs This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and RMDs when you are still working. As always, we recommend you work with a competent, educated financial advisor to keep your retirement ...

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    Age 70 ½ Confusion for Retirement Accounts

    Age 70 ½ Confusion for Retirement Accounts Required minimum distributions (RMDs) must begin from most of your retirement accounts at age 70 ½. But it is not as easy as just looking at when you are 70 ½. First of all, it is not when you actually turn 70 ½. Your required ...

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    How to Avoid a Penalty on Your Excess IRA Contribution

    How to Avoid a Penalty on Your Excess IRA Contribution Did you make your IRA contribution for 2016? If you did, you may want to take some time now during tax season to be sure your contribution is an allowable contribution and not an excess contribution. What is an excess IRA...

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    Obstacles with IRA Contributions and RMDs: This weeks Q&A

    Obstacles with IRA Contributions and RMDs: This weeks Q&A This week's Slott Report Mailbag looks into spousal contributions, IRAs, the IRS guidelines, and RMDs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg ...

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    Conquer Your Fear of Tax Season

    Conquer Your Fear of Tax Season One of the most common questions asked during tax season is, “Do I have to file a tax return?” The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your ...

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    An IRA Beneficiary Quiz. Can You Pass this Exam?

    Most people think it is easy to leave an IRA to their heirs. But is it? The following is a quick quiz. How many of these beneficiary questions can you get correct? The answers are at the end of the quiz. 1. The IRA owner has four children. He names the oldest child as the ...

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    You Missed a RMD! Now What? This weeks Q&A

    You Missed a RMD! Now What? This weeks Q&A This week's Slott Report Mailbag looks into missed RMDs, IRA transfers, and Testamentary Trusts. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. ...

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    Sometimes the Score at Halftime DOES Matter

    Sometimes the Score at Halftime DOES Matter On Sunday night we were treated to the first ever overtime in Superbowl history. It was a great game (with a lousy outcome – sorry, not a Pats fan). Of course, what most people will remember is that the Patriots finished off what may...

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