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Say Goodbye to the myRA Account

On July 28, the Treasury Department announced that it was ending the myRA program. The Department issued a very brief statement saying that as part of the Administration’s effort to assess existing programs and promote a more effective government it was determined that this program was not “cost effective” due to its low enrollment.

Your NUA and Required Beginning Date Questions Answered: This Week's Q&A

This week's Slott Report Mailbag examines NUA and the required beginning date (RBD) for taking an RMD.

What’s Your IRA Worth?

Many IRA owners invest in assets other than the usual stocks, bonds, cash, and mutual funds. In fact, the tax code allows for IRAs to invest in just about anything out there except for collectibles, life insurance, and S-corporation stock. But when you invest in those “other assets,” what are they really worth?

Inheriting an Inherited IRA

What are the rules when you inherit an inherited IRA? We get this question frequently. Let’s consider what happens when using designated beneficiaries.

Hardship and Retirement Distributions – No Free Pass

A very common mistake on the part of IRA owners and plan participants is thinking that distributions taken because of their financial difficulties are tax and penalty free.

Don’t Make the Same Mistakes These Advisors Made: This Week’s Q&A

This week's Slott Report Mailbag looks into SEP-IRAs, 403(b)s and inherited IRAs.

Five Things to Consider When Researching Retirement Questions on the Internet

The internet can be a blessing and it can be a curse. It is a fantastic place to do research on almost anything, but is the information you find current and accurate? Here are five things to consider when doing internet research into retirement questions.

IRA Distribution Basics – Taxation of Distributions

Most IRA accounts hold pre-tax contributions and rollover amounts from employer plans. For purposes of this blog, I am going to assume that there are no after-tax amounts held in any IRA, including SEP and SIMPLE IRAs.

Questions about Your Inherited IRA? This Week’s Mailbag Q&A

This week's Slott Report Mailbag looks into inherited IRAs, RMDs, and NUAs.

Six Things to Know About the Year-End Account Balance Used for RMDs

1. General Rule As a general rule, the account balance used for calculating required minimum distributions (RMDs) is the prior year-end account balance, with no adjustments. For example, if you are calculating an RMD for 2017 you would use the 2016 year-end account balance. If you are calculating a missed RMD for 2014, you would use the 2013 year-end account balance. If you have your first RMD due for 2017 and you take that RMD in March of 2018, you still use the 2016 year-end account balance. As usual with retirement distribution rules, there are some exceptions to the general rule.

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