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Newsroom View

Congress takes aim at mega-IRAs

Wednesday, October 13, 2021
Advisers with clients who have large IRAs should be aware of congressional proposals targeting mega-IRAs — those holding more than $10 million — including a proposal for a mandatory 50% RMD of the amount over $10 million, Ed Slott says.

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Retirement Savers Love the Backdoor Roth IRA Strategy. It Might Not Last.

Thursday, September 23, 2021

Many Americans are using a previously little-known tax method to boost their savings. Now, the government is trying to stop it.

The tax strategy at issue is the mega-backdoor Roth conversion and it has allowed some Americans to amass sizable balances in tax-free Roth retirement accounts. On Sept. 15, the House Ways and Means Committee approved legislation from House Democrats that would prohibit use of the mega-backdoor Roth conversion starting Jan. 1, 2022.

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Ed Slott Weighs In on House Democrats' Proposed Mega-IRA Crackdown

Sunday, September 12, 2021

House Ways and Means Committee Chairman Richard Neal’s plan to usher in several changes to individual retirement accounts “will not likely see much pushback because most people will never have to worry about their IRA balances exceeding $20 million,” IRA and tax specialist Ed Slott of Ed Slott & Co. told ThinkAdvisor late Monday in an email. “And the few who do will easily move on to the next workaround that Congress has not yet thought of.”

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How Stretch IRA Tactics Have Tightened

Sunday, August 29, 2021

Christine Benz: Hi, I'm Christine Benz from Morningstar. The Secure Act ushered in new rules for inherited IRAs. Joining me to discuss what you need to know about that is author and tax-planning expert Ed Slott.

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How The 'Backdoor Roth IRA' Can Benefit Some High-Income Clients

Wednesday, August 25, 2021

Say you started with $40,000 in before-tax contributions to non-Roth IRAs and another $10,000 in after-tax contributions to other non-Roth IRAs. That means 80% of your total non-Roth IRA accounts were made with pre-tax dollars. So 80% of whatever amount you convert to a Roth IRA will be taxed (at normal income tax rates), no matter which IRA it came from.

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Mega Qualified Charitable Distributions: Now or Never

Sunday, August 22, 2021

Christine Benz: Hi, I'm Christine Benz from Morningstar. For charitably inclined older adults, a qualified charitable distribution often beats making a charitable contribution and deducting it on your tax return. Joining me to discuss the QCD, as well as what he calls the mega QCD, is author and tax-planning expert Ed Slott.

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