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The Slott Report
The Slott Report
Have You Faced This Dilemma with Spousal Contributions? This Week’s Q&A
Thursday, May 25, 2017
This week's Slott Report Mailbag looks into IRA beneficiaries, Roth IRAs, and spousal contributions.
State and City-Run IRA Plans Are Not Going Away
Wednesday, May 24, 2017
On April 13, President Trump signed into law legislation that blocked Obama-era Department of Labor (DOL) regulations encouraging the establishment of IRA plans run by cities and municipalities. On May 17, he signed similar legislation applying to state-run IRAs. While these new developments may make the road ahead for both city and state run IRA plans more difficult, these plans are not going away.
DOL Fiduciary Rule to Go into Effect June 9
Tuesday, May 23, 2017
The long-running saga of the Department of Labor (DOL) fiduciary rule took another turn on May 22 when Secretary of Labor Alexander Acosta confirmed that there would be no delay in the June 9, 2017, implementation date. Mr. Acosta said that after careful consideration, there was no legal basis to extend the deadline.
The 99% Rule for Spousal Beneficiaries of Retirement Accounts
Monday, May 22, 2017
It sounds funny to say, but death is a part of life for all of us. It’s one of the few things that all of us will have in common at some point, and it’s one of the few issues that must be addressed in every plan. While every situation is unique and we all have our own goals and objectives, the overwhelming majority of married couples with IRAs and other similar accounts, such as 401(k)s and 403(b)s, name their spouse as their primary beneficiary as part of their estate plans. As such, knowing the rules for when a spouse inherits an IRA is critical for just about every married couple.
Inherited IRAs and Roth IRA Distributions. This Week’s Q&A Mailbag.
Thursday, May 18, 2017
This week's Slott Report Mailbag looks into inherited IRAs, RMDs, and Roth IRA distributions.
One-Rollover-Per-Year Rule and Spouse Beneficiaries
Wednesday, May 17, 2017
Hopefully, by now everyone has heard that IRA owners can only do one IRA-to-IRA or Roth IRA-to-Roth IRA 60-day rollover in any one-year period. This interpretation of the 60-day rollover rules was part of a 2014 Tax Court decision (Bobrow v. Commissioner, T.C.Memo. 2014-21). What was unclear from this ruling and from subsequent IRS guidance was whether or not the rule applied to a surviving spouse who inherited multiple IRAs from a deceased spouse.
How Your IRA Can Cost You When It Comes to Medicare
Monday, May 15, 2017
You have done the right thing for years. You have diligently saved and accumulated funds in your IRA. At some point, the funds that you have put away for years must come out. Uncle Sam wants his share. When you reach age 70 ½, you must take a required minimum distribution (RMD) for that year and for every year thereafter.
Preparing for Inherited IRAs: This Week’s Q&A Mailbag
Thursday, May 11, 2017
This week's Slott Report Mailbag looks into inherited IRAs, calculating RMDs, and 60-day rollovers.
7 Ways the IRS Knows…
Wednesday, May 10, 2017
It’s not a good question to be asking, and it’s certainly not the right question to be asking, but one fairly common question asked by both advisors and clients is “How are they going to know?” The “they,” they’re referring to, is the IRS. For those that have ever wondered, here are the answers to seven common “How are they going to know” questions.
The 10% Early Distribution Penalty Exceptions – Know the Rules
Monday, May 08, 2017
This is a reminder that not all 10% early distribution penalty exceptions apply to all retirement plan distributions. Here are the three biggest mistakes that we see.
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