“Third-party posts from Ed Slott’s IRA Blog:”

IRA BLOG

12 QCD RULES YOU MUST KNOW

By Sarah Brenner, JD Director of Retirement Education If you are charitably inclined and have an IRA, a Qualified Charitable Distribution (QCD) can be a great strategy. With a QCD, you can move IRA funds to the charity of your choice tax-free. Here are 12 QCD rules...

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EXCESS CONTRIBUTION FIX: SAME IRA, DIFFERENT DOLLARS

By Andy Ives, CFP®, AIF® IRA Analyst If I pour too much water into a glass, removing liquid from a different glass does not correct the problem. The excess water must be removed from the “offending” receptacle. Such is the case with excess IRA contributions. If too...

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BEER PONG & IRA CUSTODIAL RULES

By Andy Ives, CFP®, AIF® IRA Analyst You know the game “beer pong?” Arrange 6 or 10 cups in a triangle, fill each one with a couple of ounces whatever beverage you are enjoying, and your opponent tries to toss a ping-pong ball into one of the cups. If a throw is...

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FIVE THINGS TO KNOW ABOUT ROTH 401(K)S

By Ian Berger, JDIRA Analyst A recent survey found that over 80% of 401(k) plans now offer employees the option of making Roth 401(k) employee contributions. More and more employees are now taking advantage of that opportunity. (In this article, I use the term “Roth...

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DON’T OVERLOOK YOUR BENEFICIARY FORM

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...

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PARTICIPATION IN MULTIPLE WORK PLANS – IT CAN BE DONE!

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...

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A WISH LIST FOR THE IRS BENEFICIARY RMD FINAL REGULATIONS

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...

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THE SLOTT REPORT TAKES ON AI

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...

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ROTH 401(K) TO A ROTH IRA ROLLOVER: HOW DOES THIS WORK?

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...

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FIVE RMD FACTS EVERY IRA OWNER SHOULD KNOW

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...

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SIMPLE PLAN CONTRIBUTION LIMITS: INCREASED FOR MANY

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...

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WHEN A REVERSE ROLLOVER MAKES SENSE

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport In a famous “Seinfeld” episode, George Costanza, unemployed, living with his parents and without a girlfriend, decides to do the opposite of what he would normally do. It pays off for him big time as he...

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WHAT YOU NEED TO KNOW ABOUT COMMUNITY PROPERTY AND YOUR IRA

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...

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ED SLOTT’S ELITE ADVISOR GROUP℠ MEETS IN INDIANA

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport   Ed Slott’s Elite IRA Advisor Group℠ gathered in Indianapolis last week for another successful conference. Over 350 member advisors from across the country spent two intense days of training,...

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A CHEAT SHEET FOR IRA BENEFICIARY RMDS

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...

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YOUR RMD IS NOT ELIGIBLE FOR ROLLOVER

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...

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ONE 60-DAY ROLLOVER PER YEAR?

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...

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401(K) RMDS IN THE YEAR OF RETIREMENT

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...

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3 QUESTIONS TO ASK TO DETERMINE IF AN HSA IS RIGHT FOR YOU

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport The cost of healthcare continues to climb. Are you frustrated with higher premiums and out-of-pocket costs? You are not alone. You may be looking for new strategies to handle these...

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FUNDAMENTALS OF THE LIFETIME RMD

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport   We answer some pretty complex IRA and retirement plan questions. Our newsletters and other Slott Report entries can get into the weeds on some tricky topics. The thing is, when you spend all...

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TWO RMD STRATEGIES TO AVOID IRMAA

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport You have carefully saved for retirement and now you have accumulated a substantial amount of funds in your IRA.  At some point the funds that you have been putting away for years...

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THE WISE SHOPPER – ROTH CONVERSIONS

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport   Imagine walking through a grocery store, intent on purchasing a specific item. As you turn down an aisle, little colorful tags proclaiming “Special Deal” and “Buy 1, Get 1” protrude from each...

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JUST A FEW DAYS LEFT TO FIX 2023 EXCESS 401(K) DEFERRALS

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport If you exceeded the 2023 limit for 401(k) deferrals, time is of the essence to correct the error. If you don’t act quickly, the tax consequences can be serious. The maximum amount of pre-tax and Roth...

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4 WAYS TO REDUCE YOUR RMD TAX BITE

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Markets continue to climb. That is good news for your retirement account. However, there is a downside. When you contribute to a traditional IRA or a pre-tax 401(k), you make a deal...

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10 POINTS: FIXING EXCESS IRA CONTRIBUTIONS

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport ‘Tis the season for identifying and correcting excess IRA contributions. It seems as if every other recent inquiry is about this subject. To keep readers on the straight and narrow, here are ten...

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ARE 529-TO-ROTH IRA ROLLOVERS SUBJECT TO STATE TAX?

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Previous Slott Report articles have covered the new SECURE 2.0 provision allowing 529 funds to be rolled over to Roth IRAs. We’ve reported that there are several unanswered questions concerning this new...

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WHAT IS RETIREMENT? FANTASY VS. REALITY

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport   Three times a week, every week, we add to the Slott Report. Two article entries and a mailbag. All factual, measurable information. “This is what to consider when you name a trust as your...

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HOW SECURE 2.0 IMPACTS COMPANY PLAN IN-SERVICE WITHDRAWALS

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Retirement plan funds are designed for retirement, but Congress continues to make it easier for employees to pull out those funds while still working. The SECURE 2.0 law adds several new in-service...

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TAX TIME TIPS FOR IRAS

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport IRAs are an important, but often overlooked, part of your overall tax planning. As the deadline for filing 2023 tax returns approaches, it is a good time to incorporate your IRA plan...

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WHAT ARE THE RULES FOR 401(K) IN-SERVICE WITHDRAWALS?

Congress has determined that 401(k) and other company plan funds, with certain exceptions, should be saved for retirement. For that reason, it has imposed strict restrictions on the ability of employees to withdraw from these plans while still working. Plans must...

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A WAY TO JUMP-START 529-TO-ROTH ROLLOVERS

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport We have covered in The Slott Report the new SECURE 2.0 provision that allows unused 529 plan funds to be rolled over to Roth IRAs. It originally appeared that this new rule was to be effective for 2024....

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LAST WEEK IN LA JOLLA

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Last week in La Jolla, California, the Ed Slott team hosted another incredibly successful 2-day advisor training program. Nearly 200 financial professionals from across the country chose to join us...

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GHOST VS. 5-YEAR: THE CALENDAR DICTATES

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Ever since the SECURE Act created a 10-year payout rule for most IRA beneficiaries, that topic has garnered the bulk of conversation. This is understandable. Not only was the 10-year rule a brand-new...

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Weekly Market Commentary

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport We’re getting lots of questions about the SECURE 2.0 change that allows annuitized IRA annuities to be aggregated with non-annuity IRA funds for required minimum distribution (RMD) purposes. This change...

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529 PLANS AND INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG

Question: I have two questions regarding the 15-year requirement that applies to new rules allowing rollovers from 529 plans to Roth IRAs. If you change beneficiaries, will it reset the 15-year clock? Secondly, if you roll your 529 plan into another 529 plan (say...

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ROTH IRA FOR A TEENAGER – AN ASTRONOMICAL RESULT?

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport   The mailman delivered my son’s 2023 W-2 the other day. I was curious what he earned last year as a lifeguard at our community pool, so I opened the envelope. Box 1, “Wages, tips, other...

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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....

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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...

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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...

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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...

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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,...

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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...

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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...

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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...

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4 IRA TAX BREAKS FOR WHICH WE GIVE THANKS IN 2023

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Thanksgiving is almost here! This is a time for us to gather together and express our gratitude for all the good things in our lives. When it comes to our retirement accounts, we...

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STILL-TIME-LEFT TO-DO LIST

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Year-end to-do lists are commonplace. The problem is, they always seem to get published in mid-to-late December. I can almost hear the collective “thanks for nothing” comment from readers as the...

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RMDS WHEN YOUR IRA INVESTMENTS ARE NOT LIQUID

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport You may have noticed grocery stores stocking up for Thanksgiving, and festive lights and displays going up everywhere. Yes, it is the holiday season, but it is also the season to...

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THE FIVE-YEAR RULE AND RMDS: TODAY’S SLOTT REPORT MAIBAG

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...

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ONE BENEFICIARY, THREE IRAS, THREE DIFFERENT PAYOUT RULES

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...

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SECURE 2.0’S BIGGEST MESS

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport   Of the 92 provisions in the SECURE 2.0 legislation, signed into law last December, by far the most challenging is section 327.  Section 327 changes the distribution rules for spouse beneficiaries of...

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IRA CONTRIBUTION LIMIT RAISED TO $7,000 FOR 2024

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport   The IRS has released cost-of-living adjustments (COLAs) for 2024. Many IRA limits will increase next year. Higher IRA Contributions The limit on annual contributions to an IRA...

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ROTH IRA DISTRIBUTION ORDERING RULES – KEEP IT SIMPLE

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...

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COMMON CONFUSIONS WITH THE ONCE-PER-YEAR ROLLOVER RULE

By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport 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, this rule is...

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IRA MID-TERM EXAM

By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport The Investment Company Institute (ICI) is an association representing mutual fund companies and similar investment companies. Each year, ICI conducts a survey of the prevalence of IRAs in American...

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