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Volume 8 Issue 3

Ask Your Questions to America's IRA Experts on February 20. Learn more here




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QUESTION OF THE MONTH

Do I Have to Take 2 Required Minimum Distributions (RMDs) in the Year I Turn Age 70 ½ ?

Q: It appears that in the first year of mandatory RMD withdrawals that one has to take two distributions, one in April of the year after you turn age 70 ½ and by December 31 of the same year. Is this true? The Answer

MARCH KEY FOCUS

Spousal IRA Contributions and Divorce: What You Need to Know

In a marriage where one spouse (Annie) has earned income and the other spouse (Bernie) has little or no income, an IRA or Roth IRA contribution can be made for Bernie based on Annie’s income. However, what happens if Bernie makes his contribution early in the year and later in the year he and Annie are divorced or separated? Read More

RULING TO REMEMBER

IRA Contribution Limits Horror Story: An Argument with IRS That Went Nowhere

The IRS limits how much you can contribute to an IRA each year, yet some IRA holders don’t know about the IRA limits. What happened to a married couple when they exceeded them and failed to rectify the error? We examine the issue and the discussion with IRS that ensued. Read More

INSIDE ED SLOTT'S IRA ADVISOR NEWSLETTER

Client's Team of "Professional Advisors" Fail to Prevent Failed Rollover ... 3 Different Ways

Couples' $400K IRA Contributions Leads to 6% Excess Contribution Penalty

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TWITTER TALK

@theslottreport: Did you know there are $24.2 trillion in #retirement assets nationally. The #retirement market is 33% larger than our national debt ($18.1).

@theslottreport: Those $1 million #IRAs are few and far between right? 600,000 based on most recent 2011 data. Almost equal to population of Vermont.

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