IRS Form 5498 | Ed Slott and Company, LLC

IRS Form 5498

Illiquid IRA Assets and Satisfying Your RMD

An advisor called about a client who has a bond in his IRA that is in default. He has not taken his required minimum distribution (RMD) from that IRA account for the last three years because the bond is illiquid at this point in time. He does have other IRAs. What should he do?

10 Facts You Need to Know About Required Minimum Distributions

If you have an IRA and you are approaching retirement age, or if you are already in retirement, you are most likely familiar with the term “required minimum distribution (RMD).” But do you know how the rules work and what they mean for you as an IRA owner? Here are 10 facts about RMDs that every IRA owner should know.

TIGTA Examines IRS (in)Action on Excess IRA Contributions

A new report from the Treasury Inspector General for Tax Administration (TIGTA) found that IRS hasn't done enough to address the problem of excess IRA contributions. What is an excess IRA contribution and how do you fix it?

How Do I Take Required Minimum Distributions on an Inherited IRA?

This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, comes to you live from Ed Slott's Elite IRA Advisor Group Workshop in Denver, Colorado. One of our mailbag questions concerns required minimum distributions (RMDs) on an inherited IRA .

4 Steps to Taking a Roth Conversion After Age 70 1/2

With individuals living longer, more and more are considering a Roth conversion after age 70 1/2. Beverly DeVeny takes you through the 4 steps you must follow to properly execute the Roth conversion after the key required minimum distribution age.

Year-of-Death Reporting for Deceased IRA Owners

If you are handling the affairs of an IRA owner who died last year, you need to be on the lookout for certain IRS reports that show IRA activity last year. Joe Cicchinelli walks you through the year-of-death reporting process.

Don't Forget to Report Rollovers to IRS

It's tax season. Every year, many people get lost in the numbers, the deductions, the credits, and the refunds. They forget to report rollovers to the IRS, especially tax-free rollovers. We examine the process, where you should be looking for these numbers and how to report them.

Do I Have to Take 2 RMDs in First Year of Mandatory IRA Withdrawals?

ed slott IRA questions
This week's Slott Report Mailbag answers several questions about IRA trust procedures and another (a very popular one) on the timing for taking required minimum distributions (RMDs) once you turn age 70 ½.

The Process of Moving Company Plan Funds to a Roth IRA

When we think of retirement plan rollovers, we usually think about moving money between IRAs, or moving money from a company retirement plan to an IRA on a tax-free basis. For example, if you properly roll over money within 60 days from your IRA to another IRA or from your Roth IRA to another Roth IRA, the rollover is tax-free. Or maybe you retired and rolled over your 401(k) funds to your IRA. That rollover is also tax-free. But there is one type of rollover that is taxable.

The BEST Way to Convert Your IRA to a Roth IRA

If you're thinking about converting some or all of your IRAs to a Roth IRA, there are two ways to do it. The two ways are by taking an IRA distribution or by direct transfer. Regardless of which method you choose, it will be treated and reported as a distribution from your IRA and a conversion deposit into your Roth IRA. IRA-to-Roth IRA conversions are taxable to you as ordinary income, but no 10% penalty applies, even if you’re under age 59 ½. Click to learn more about the best way to convert your IRA to a Roth IRA.

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