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INHERITED IRAS AND ROTH IRA CONTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Question: Hi, I have read with interest, Ian Berger's article titled "IRS Waives 50% Penalty for Missed 2021 and 2022 RMDs within the 10-Year Period." I am glad that this is...
A REFRESHER COURSE ON MULTIPLE PLAN CONTRIBUTION LIMITS
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport As you’ve probably heard, the IRS has announced the IRA and workplace plan contribution limits for 2023. Because most of those limits are tied to inflation, many increased substantially. Among the big...
IRA RULES THAT WE GIVE THANKS FOR IN 2022
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport It is a Thanksgiving tradition here at the Slott Report to take a moment to give thanks for the IRA rules that are helpful to retirement savers. We know there are many times...
DEADLINE FOR OPENING UP A NEW SOLO 401(K) PLAN
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport A solo 401(k) plan is a great retirement savings vehicle for self-employed business owners with no employees (other than their spouse). But if you’re considering a new solo 401(k), be aware that...
INHERITED IRAS AND RMD TABLES: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Question: Hello! I need clarification regarding RMD statements for customers who hold inherited IRAs or inherited Roth IRAs. I have not been able to find a clear answer to the following...
NUA – TRIGGER ACTIVATORS!
By Andy Ives, CFP®, AIF® IRA Analyst The goal of the net unrealized appreciation (NUA) tax strategy is to enable a person to pay taxes on the appreciation of company stock formerly in a work plan at long term capital gain rates as opposed to ordinary income rates. The...
4 THINGS WE ARE TALKING ABOUT AT THE SLOTT REPORT AT THE END OF 2022
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport The holidays are right around the corner, and 2022 is drawing to a close. The end of the year is always a busy time with retirement account deadlines and preparations for the...
ONCE-PER-YEAR ROLLOVERS AND RMDS FOR INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Question: Good morning, I have a client who took out $100K from his SEP IRA and put the funds back in on 8/19/22 -- within 60 days from the distribution. The client has now...
HOW ARE 2023 RMDS CALCULATED FOR BENEFICIARIES WHO GOT RMD RELIEF ?
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport As we’ve reported, the IRS recently said it would waive the 50% penalty on RMDs missed in 2021 and 2022 for IRA beneficiaries subject to the 10-year payout rule who inherited in 2020 or 2021. These...
IRA TRANSACTIONS THAT CAN BE MISSED
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Not every IRA transaction is easily identifiable. Some require a little legwork to reveal or report what occurred. Some transactions are not even labeled on official IRS tax forms and can go...
THE REQUIRED BEGINNING DATE IS NOW A “REALLY BIG DEAL”
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport When it comes to IRAs and workplace plans, the concept of the “required beginning date” (RBD) is a “really big deal” again. The RBD is the first date you’re required to start required minimum...
RMD AGGREGATION RULES AND APPRAISALS FOR RMDS: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport Question: I am 72 and want to start RMDs. I have multiple accounts from teaching jobs that I had many years ago, plus a couple of traditional IRAs and a 401(k) with my current employer. Can I total...
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