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required beginning date

Top 12 RMD Waiver Questions

As we have written on many occasions, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) waives required minimum distributions (RMDs) for 2020. This waiver applies to company savings plans and IRAs, including both inherited traditional and inherited Roth IRAs. While that sounds like a straightforward announcement, the RMD waiver has generated a landslide of inquiries and confusion since the CARES Act was passed in late March. Here are a dozen of the most popular and widely applicable Yes/No questions and answers:

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.

The Important Ages in Retirement Plans

There are two things to keep in mind when you are discussing ages and retirement plans. One is the age itself and the other is what does that age mean. For example, when is age 55 not 55? You will understand as you read further into the important ages associated with retirement plans.

Do My Parents Need to Hold Their Converted Roth IRA Funds For Five Years?

This week's Slott Report Mailbag answers a question on how to distribute converted funds from a Roth IRA, discusses special required minimum distribution (RMD) rules for IRA beneficiaries and looks at the fine print of IRS Form 8606.

What Options Does an Estate Have as IRA Beneficiary?

This week's Slott Report Mailbag dives into details on SIMPLE IRAs and SEP IRAs, explains the legality of having a 401(k) versus a Roth 401(k) and walks the questioner through the options an estate has as an IRA beneficiary. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

What You Need to Know About Your Required Beginning Date

What is the RBD? RBD stands for required beginning date. It is the date by which an IRA owner must take their first required minimum distribution (RMD) in order to avoid a 50% penalty. Generally, an individual must take their first distribution from a retirement account in the year they turn age 70 ½. The following points clarify exactly when you must take your first distribution.

The Most Important Question to Ask a Beneficiary

A new client calls or comes to your office. They tell you that they have just inherited retirement assets from their parent, spouse, sibling, friend – it doesn’t matter who. What is the first and most important question you ask them and what impact does that answer have?

What Happens to Your IRA When Your Beneficiary Dies?

So, what happens to your IRA when your beneficiary dies? It all depends if the beneficiary dies before or after you. Let's look at a few examples to illustrate the differences.

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.

Your IRA Required Beginning Date is April 1 NOT April 15

If you turned age 70 ½ last year in 2014 and have a traditional, SEP or SIMPLE IRA, you must start taking required minimum distributions (RMDs) for that year and every year going forward. When is the required beginning date? IRA Technical Expert Joe Cicchinelli puts you on a deadline you must meet to avoid steep penalties.

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