IRA Rollover | Ed Slott and Company, LLC

IRA Rollover

Caution! No Rollover for Nonspouse Beneficiaries

Did you inherit an IRA from someone who is NOT your spouse? This is not uncommon. Maybe you inherited from a sibling or a parent or a friend. If this is your situation, you will want to proceed with caution. For nonspouse beneficiaries a wrong move can result in disastrous consequences. So, take your time and do it right. Step one is to carefully explore your options. What are a nonspouse beneficiary’s options when it comes to the inherited IRA? Under the tax code, nonspouse beneficiaries can take advantage of the “stretch” IRA. This means you can set up a properly titled inherited IRA and then take required minimum distributions (RMD)s based on your life expectancy.

Retirement Plan Checks and 60-Day Rollovers

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.

What a Year Means When it Comes to Your IRA Rollover

The once-per-year rollover rule says that you can only roll over one IRA distribution from all of your IRAs (both traditional and Roth) in a one-year period. This is a tricky rule and many taxpayers have run into trouble with it. One area that can be very confusing is determining exactly what the definition of “year” is.

When You Want to Transfer 401(k) Funds from a Former Employer: This Week’s Q&A

This week's Slott Report Mailbag looks into into IRA contributions and rolling over 401(k) assets from former employers.

The Headaches of IRA Transfers, Rollovers, and Unclaimed Property

This week's Slott Report Mailbag looks into IRA transfers, unclaimed property, and IRA rollovers.

Too Many Roth IRAs? It's Time to Consolidate

A common strategy is to go through with smaller Roth IRA conversions or to convert different assets to different Roth IRAs. If you have done this over a number of years, you probably have more Roth IRAs than you know what to do with. Maybe it is time to consolidate. Here's why.

10 Things You Should Know about the New Fix for Late IRA Rollovers

There is good news for everyone with a retirement account. The IRS recently released Revenue Procedure 2016-47, which provides a new and easier way for you to complete a late 60-day rollover of retirement funds using a self-certification procedure. Here are 10 things you should know about this new procedure that just might save your retirement savings.

How Do I Handle My Excess Roth IRA Contributions?

This week's Slott Report Mailbag examines excess Roth IRA contributions and clarifies the two-year rule on an IRA rollover to a SIMPLE IRA.

Why NUA is the Tax Break You Don't Want to Miss

When you leave an employer, you may assume that the right move is to roll over your retirement funds to an IRA. Not so fast! For many people, a rollover will be a smart decision. However, don’t assume that is always the way to go. In some cases, as strange as it may sound, taking a lump sum distribution and paying taxes is a smart choice. You may be wondering how that could be possible. Read on to see why a tax break called Net Unrealized Appreciation (NUA) may make taking that distribution a good choice.

3 Exceptions to the Early Distribution Penalty That Only Apply to IRAs

When you leave an employer, you have an important decision to make. If you participated in a company plan, you need to decide what to do with your money. Should you roll over your funds to an IRA? Here are 3 exceptions to the early distribution penalty that just apply to IRAs.

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