The Slott Report | Ed Slott and Company, LLC

The Slott Report

Rollovers & Naming a Trust as a Beneficiary: Today's Q&A Mailbag

By Jeremy T. Rodriguez, JD
IRA Analyst
Follow Us on Twitter: 
@theslottreport


Question:
 

Roll over all but $4000 of nondeductible IRA in my Traditional IRA into my SEP IRA, then rollover the $4K basis into my Roth IRA?

Can I do that? Can I do both rollovers in quick succession in the same day so that the Traditional left with the $4K does not accrue the daily interest?

Thank you very much. Fred


Answer:
 

Self-Directed IRAs: Knowing the Law is Only Half the Battle

Many individuals who open IRAs choose to invest in traditional asset classes, such as stocks, bonds, or mutual funds. But for a growing number of people, these options are not enough. Instead, they look to invest in other non-traditional assets.

The IRA Aggregation Rule: Easing RMDs, Complicating Roth Conversions

When you own multiple IRAs and take an IRA distribution, the IRS treats all your non-Roth IRAs as one. This helps you when you reach age 70 ½ and must begin taking annual required minimum distributions (RMDs).

Separating IRAs: Today's Q&A Mailbag

Is this a question you can help me with? Client’s husband & Wife had a living trust. Attorney suggested that all holdings be put into the trust or make the Trust the beneficiary. Husband died several years ago, in January, 2018 the wife died.

Disaster Relief Information from the IRS

A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 included relief for the victims of Hurricanes Harvey, Irma and Maria.

Disaster Relief Information from IRS

A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 included relief for the victims of Hurricanes Harvey, Irma and Maria.

Your IRA May Go to the Government, but You Get the Tax Bill

Did you know your IRA could be escheated to the state as abandoned property? Not many IRA owners are aware of this possibility, but more and more are facing it.

Roth IRA Rollover Limits and Roth IRA Contributions at 70 1/2: Today's Q&A Mailbag

Today's Q&A Mailbag answers readers' questions on whether or not there is a rule in place that limits the number of IRA rollovers allowed in one year, as well as if it's possible for an individual to make Roth IRA contributions at age 70 1/2.

A Series of Fortunate Events; Tread Lightly - (72(t) Payments/Substantially Equal Periodic Payments)

Most people know that, generally speaking, you cannot access traditional IRA money penalty-free until you reach age 59 ½. Early distributions are subject to a 10% early withdrawal penalty. Of course, like virtually every other retirement rule ever written, there are exceptions to this general rule.

Is Your IRA Safe From Creditors?

Suppose you unexpectedly incur a major liability, from a lawsuit or some other unforeseen cause. Will the funds in your IRA be protected from your creditors? Maybe ... or maybe not. Here are the rules:
 

Find members of Ed Slott's Elite IRA Advisor GroupSM in your area.
We neither keep nor share your information entered on this form.
 

I agree to the terms and services:

You may review the terms and conditions here.