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Ian berger

SIMPLE IRA RMDs AND YEAR-OF-DEATH RMDs: TODAY’s SLOTT REPORT MAILBAG

Thursday, June 01, 2023
Question: If a 76-year-old is working full time and has a SIMPLE IRA and she does not own any of the company that sponsors the SIMPLE IRA, does she still have to take a RMD (required minimum distribution) from her SIMPLE IRA?
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IRS Delays Effective Date of IRA Self-Correction Program

Wednesday, May 31, 2023
It looks like IRA owners will probably have to wait awhile to take advantage of a new program that allows them to self-correct IRA errors that previously couldn’t be fixed. In Notice 2023-43, the IRS said that self-correction for IRAs can’t be used until the IRS issues rules for the new program. And those rules aren’t required to be issued until the end of December 2024.
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A Better Way of Understanding the Once-Per-Year Rollover Rule

Monday, May 22, 2023
The “once-per-year” rollover rule is one of those IRA rules that has serious tax consequences and cannot be fixed if violated. Breaking the rule results in a taxable distribution and a 10% early distribution penalty if you’re under age 59 ½. Plus, any rolled over funds are considered excess IRA contributions that are subject to a 6% annual penalty unless timely corrected.
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INHERITED ROTH IRA RMDS AND MERGING IRAS: TODAY’S SLOTT REPORT MAILBAG

Thursday, May 11, 2023
Question: Hello, Are you required to take out RMDs (required minimum distributions) on an inherited Roth IRA? The original owner was 82 when he passed away. The funds were left to his nephew, so I understand the 10-year rule will apply. Thanks for your help, David
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Mandatory Roth Catch-up Contributions Required for 2024

Wednesday, May 10, 2023
One of the more controversial provisions of the new SECURE 2.0 law concerns 401(k) catch-up contributions. Most 401(k) plans – as well as 403(b) and governmental 457(b) plans – permit employees who are age 50 or older to make catch-up contributions. The limit for catch-ups in 2023 is $7,500, allowing for total elective deferrals of up to $30,000.
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How the Retirement Plan Compensation Limit Works

Monday, May 01, 2023
It’s certainly not a bad problem to have. But employees with very high compensation cannot have their retirement plan benefits based on all of their pay. Instead, the tax code allows only compensation up to a certain dollar amount to be taken into account.
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Do Spouses Have Any Rights to Retirement Plan Accounts?

Wednesday, April 19, 2023
One important way that IRAs differ from company retirement plans is with respect to spousal financial rights. Most married IRA owners do not need spousal consent before designating a beneficiary other than the spouse. By contrast, most married plan participants do need to get their spouse to agree to a non-spouse beneficiary. And married participants in some types of plans also need spousal consent before taking a lump sum distribution from the plan.
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IRS Signals That It Will Still Waive Missed RMD Penalties

Monday, April 10, 2023
Despite the reduction in the penalty for missing required minimum distributions (RMDs) in the new SECURE 2.0 law, it looks like you will still be able to get the IRS to waive the penalty altogether. Before 2023, if you missed an RMD the IRS could impose a penalty equal to 50% of the missed amount. However, the IRS almost always waived the penalty if you took the RMD and filed Form 5329 (with a reasonable cause explanation) with the IRS.
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ROTH CONVERSION DEADLINE AND HSA COVERAGE: TODAY’S SLOTT REPORT MAILBAG

Thursday, March 30, 2023
Question: In a recent blog post, you said that the deadline for contributing to a Roth IRA for 2022 is April 18, 2023. Does that include converting a traditional IRA to a Roth?
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Vesting in Company Plans and New IRS Forfeiture Rules

Wednesday, March 29, 2023
When you leave your job and aren’t fully vested in your company plan account, the plan will forfeit your unvested portion. Recently, the IRS issued new guidance clarifying the forfeiture rules.
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