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The Slott Report
The Once-Per-Year Rollover Rule – What Doesn’t Count
Wednesday, November 29, 2017
In 2014, the Tax Court ruled that an IRA owner could do only one, IRA-to-IRA or Roth IRA-to-Roth IRA, 60-day rollover in a 12 month period. This rule applies no matter how many IRA and/or Roth IRA accounts the IRA owner might have. The 12 months is a full 12 months, not a calendar year. The 12 month period will start with the date that IRA or Roth IRA funds are received.
Retirement Account Limits for 2018
Wednesday, November 15, 2017
While there is a lot of focus on the proposed tax law changes that have a target effective date of 2018, there is something we can count on for 2018, the inflation adjusted retirement account limits. There are currently no proposed changes to the following limits.
Are You Taking an RMD for the First Time in 2018?
Thursday, November 09, 2017
This week's Slott Report Mailbag examines inherited IRAs and retirees taking RMDs for the first time.
60-Day Rollovers and Multiple Checks
Wednesday, November 08, 2017
We continuously get questions on 60-day rollovers. Many times those questions revolve around a client receiving more than one distribution or wanting to complete the 60-day rollover with more than one distribution. Here is what you need to know.
Tax Reform Proposal Unveiled
Friday, November 03, 2017
The much anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code. It is sure to be controversial and subject to political dispute, and specific provisions are likely to change. Here's how the major provisions that most matter to helping your clients read now.
IRA RMD Basics for the First Year’s Distribution
Wednesday, November 01, 2017
Every year more Baby boomers move toward age 70 ½ and their first required distributions from their retirement accounts. For those boomers born between July 1, 1946 and June 30, 1947, you turned 70 ½ in 2017. You now need to take your first required minimum distribution (RMD) from your IRA accounts. Here are the basics of that first distribution.
RMDs to a Trust Beneficiary of an IRA
Wednesday, October 25, 2017
In the past couple of weeks, I have heard the wrong answer to the question of where required minimum distributions (RMDs) must go to a trust beneficiary from both an advisor and an IRA custodian.
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.
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.
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