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Volume 7 Issue 6

Ask Your Questions to America's IRA Experts on June 12. Learn more here




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QUESTION OF THE MONTH

Can I Roll My "Educational" IRA to a Traditional IRA?

Q: My sister has an "educational" IRA that still has a balance after she graduated from college. She is looking to roll it over to a Traditional IRA. Is this a qualified rollover request or could there be taxes and penalties for performing this transaction? Answer

JUNE KEY FOCUS

Your 3-Question Mid-Year IRA Checkup

So, you make your way into the financial "doctor's" office, armed with all of your bank and retirement account statements. What should you expect from the meeting? What burning questions should you and your financial team have the answers to? I examine the mandatory 3 questions that must be asked and answered below. Read More

RULING TO REMEMBER

Trying to Avoid IRA Transfer Fees Can Be Costly

If you are thinking about moving your IRA funds to a different IRA custodian, generally the better way to do it is by transferring the funds directly to another financial institution. IRA-to-IRA transfers are often called direct transfers or trustee-to-trustee transfers. If you want to do it the OTHER way, we've seen plenty of PLRs crop up due to advisor or consumer error. Read More

INSIDE ED SLOTT'S IRA ADVISOR NEWSLETTER

Uninformed Plan Beneficiaries Not Given Extra Time to Start Distributions

IRS Applies 6% Excess Contribution Penalty (Again) for Abusive Roth IRA Transactions

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TWITTER TALK

@theslottreport: You see this on the form, but don't realize implications. Doing a direct rollover saves you from the 20% withholding. http://bit. ly/1x0tKgP

@theslottreport: Ed Slott analyzes the EBRI study on the growth of #Roth #IRAs and Traditional IRAs since 2010. http://bit.ly/RothIRAsgrowing

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