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The Slott Report
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.
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.
Do You Know All the Rules for Rolling Over a Roth 401(k)?
Thursday, September 28, 2017
This week's Slott Report Mailbag examines 401(k)s, Roth 401(k)s, and spousal beneficiary rules.
Divorce, IRAs, and a Twist
Wednesday, September 27, 2017
Many times when individuals divorce the IRA is split between the spouses. This is done through the divorce decree or separation agreement. An IRA is never split using a qualified domestic relations order (QDRO). That is only used for splitting employer plans, such as 401(k)s.
Retirement Plan Checks and 60-Day Rollovers
Wednesday, September 20, 2017
Generally, when you receive a check from your IRA custodian or employer plan, you have 60 days to rollover the funds to another retirement account, either an IRA or an employer plan. As with most retirement plan rules, this rule comes with two exceptions – one good and one bad. Let’s look at what happens when Lori receives a check.
Options for a Spouse Beneficiary – Remain a Beneficiary or Retitle to Your Own Account?
Wednesday, September 13, 2017
Warning! The options described here are for spouse beneficiaries named on the beneficiary forms of IRA accounts. Non-spouse beneficiaries and spouses who inherit through an estate have a different sets of rules.
Avoid Accidentally Making a Prohibited Transaction: This Week’s Q&A
Thursday, September 07, 2017
This week's Slott Report Mailbag examines TDAs, IRAs, and prohibited transactions.
Hurricane Harvey Relief from IRS and the Department of Labor
Wednesday, September 06, 2017
Here is a preview of what might come if Hurricane Irma hits the U.S.
7 Things Your IRA Custodian Won’t Tell You
Wednesday, August 30, 2017
It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them.
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