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The Slott Report
The Slott Report
Is Your IRA Haunted?
Monday, October 23, 2017
It’s Halloween season! This is the time for ghosts, witches, and trick or treating. What does Halloween have to do with your IRA? You might be surprised to hear that your IRA may be haunted. How can that be? Believe it or not, actions you take, or don’t take, can haunt your beneficiaries for years down the road.
How Familiar Are You with NUA Rules? This Week’s Q&A.
Thursday, October 19, 2017
This week's Slott Report Mailbag examines NUA rules and the "still working" exception.
Inherited IRAs – When do RMDs Begin?
Wednesday, October 18, 2017
We are frequently asked when required minimum distributions (RMDs) begin when an individual inherits an IRA. As with most things related to IRAs, the answer is, it depends.
Monday, October 16, 2017
Rothification is a term that is being tossed around a lot as tax reform takes center stage in Congress. What does Rothification mean? Proposals vary but, basically, it’s the idea of eliminating tax deductions and deferrals for retirement savings and instead mandating after-tax contributions with a payoff of tax-free earnings down the road. This is how Roth IRAs and Roth 401(k)s work so hence the term “Rothification” has emerged.
Are You Over 70.5 Years Old and Still Working? Take Advantage of These Benefits: This Week’s Q&A
Thursday, October 12, 2017
This week's Slott Report Mailbag looks into 403(b) plans, RMDs, still-working exceptions, and trusts.
October Retirement Deadlines
Wednesday, October 11, 2017
In a post last week, we talked about the Roth recharacterization deadline which is fast approaching. October 16, 2017 is the last date to recharacterize a 2016 Roth conversion. Another important deadline that is coming up is for trusts that became the beneficiaries of retirement assets in 2016. A qualifying trust can use the life expectancy of the oldest beneficiary of the trust to calculate required minimum distributions that are payable to the trust as the beneficiary of the IRA. A qualifying trust is often referred to as a look-through or see-through trust. There are four requirements that a trust has to meet in order to be a qualifying trust. From § 1.401(a)(9)-4, A-5.
Penalty-Free Retirement Account Distributions Now Available to Hurricane Victims
Monday, October 09, 2017
Millions of Americans were affected by Hurricanes Harvey, Irma, and Maria. You may be one of them. If you are, there is some encouraging news. On September 29, President Trump signed H.R. 3823, the “Disaster Tax Relief and Airport and Airway Extension Act of 2017” into law. The new law provides a package of tax relief for Hurricane victims, including a provision that allows penalty-free distributions from retirement accounts.
Are You Over 70.5 Years Old and Still Working? Understand Your Options With RMDs: This Week’s Q&A
Thursday, October 05, 2017
This week's Slott Report Mailbag examines RMDs when you are still working past 70.5 years old and inheriting multiple IRAs.
A Tale of 3 Cousins and Their Inherited 401(k) Plans
Wednesday, October 04, 2017
This is the story of Al, Bob and Carl. Each cousin is the non-spouse beneficiary of his father’s 401(k) plan. Their fathers worked together at the local automotive factory for their entire lives and were all covered by the same plan. The default distribution option in the plan for non-spouse beneficiaries is a five-year payout.
8 Things to Know Before the October 16 Recharacterization Deadline
Monday, October 02, 2017
Did you convert your traditional IRA to a Roth IRA in 2016 and now you are reconsidering that move? Did you make a 2016 traditional IRA contribution and later discover the contribution was not deductible? Did you contribute to a Roth IRA, not knowing that your income was above the limits for eligibility? If you answered, “yes” to any of these questions, there is a deadline rapidly approaching that you will want to know about. That is the October 16, 2017 deadline for recharacterizing 2016 conversions and IRA contributions. Here are 8 things you need to know about recharacterization.
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