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RMD CALCULATION AND TRUSTS FOR DISABLED BENEFICIARIES: TODAY’S SLOTT REORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Hoping you can help with this technical question. I am over 73. My traditional IRA balance as of 12/31/22 was $0.00. I made a $7,500 non-deductible traditional IRA contribution in 2023 and...
NEW ROTH PROVISIONS EFFECTIVE IN 2024
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport When the bell dropped in Times Square last Sunday night, a bunch of new provisions from the SECURE 2.0 legislation kicked in. This article will focus on the Roth-related changes that are effective in 2024....
ROTH CONVERSIONS AND INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I have a traditional IRA with a portion being nondeductible contributions. The last nondeductible contribution I made was in 2009. and I have my Form 8606 showing the...
TWO HOLIDAY LISTS
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The SECURE 2.0 Act contained over 90 sections and included numerous IRA and retirement account changes. Additionally, the legislation incorporated staggered effective dates over multiple years. Here...
SECURE 2.0 RELAXS RETROACTIVE SOLO 401(K) RULES
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...
SUCCESSOR BENEFICIARY RULES AND NEW SPOUSE BENEFICIARY RULES: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: My sister inherited an IRA from our mother (age 95 and died in 2019.) My sister took her RMDs (required minimum distributions) from this inherited account over her life expectancy. My sister died...
BAD SANTA & THE GRINCH OFFER HORRIBLE IRA ADVICE – PART 2
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...
QCDS AND THE ROTH 5-YEAR CLOCK: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: My brother passed away in May 2023. He had a small IRA with no beneficiary. He was 73 at the time of his death. His estate is to be divided equally among his eight brothers and sisters,...
CONGRESS MAKES SIMPLE IRA PLANS LESS SIMPLE
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport SIMPLE IRA plans are a popular retirement savings option for small businesses. The plans are available for companies with 100 or fewer employees who received at least $5,000 in pay from the company in the...
DEADLINE TO TAKE YOUR 2023 RMD IS ALMOST HERE
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport It is December. The halls are decked, and Starbucks holiday cups are everywhere. The end of the year is not far away. That means the deadline is near for taking a required minimum...
BAD SANTA & THE GRINCH OFFER HORRIBLE IRA ADVICE – PART 1
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport If the Grinch and Bad Santa both passed their FINRA Series 7 exam and decided to open an investment advisory firm, I’m pretty sure they would combine forces to intentionally deliver some of the WORST...
TURNING BACK THE CLOCKS AND REVISITING THE ROTH IRA FIVE-YEAR CLOCKS
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...
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