RMD | Ed Slott and Company, LLC

RMD

Deadline to Take Your 2023 RMD is Almost Here

Monday, December 04, 2023
It is December. The halls are decked, and Starbucks holiday cups are everywhere. The end of the year is not far away. That means the deadline is near for taking a required minimum distribution (RMD). Here is what you need to know if you have your own IRA or if you are an IRA beneficiary.
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Bad Santa & The Grinch Offer Horrible IRA Advice – Part 1

Wednesday, November 29, 2023
If the Grinch and Bad Santa both passed their FINRA Series 7 exam and decided to open an investment advisory firm, I’m pretty sure they would combine forces to intentionally deliver some of the WORST financial advice possible. Here are some of their truly terrible, hideously horrible, good-for-nothing planning ideas:
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Still-Time-Left To-Do List

Monday, November 20, 2023
Year-end to-do lists are commonplace. The problem is, they always seem to get published in mid-to-late December. I can almost hear the collective “thanks for nothing” comment from readers as the information arrives too late to act upon. As we are still before Thanksgiving, here are a few year-end items to consider…before it really is too late.
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RMDs When Your IRA Investments Are Not Liquid

Monday, November 13, 2023
You may have noticed grocery stores stocking up for Thanksgiving, and festive lights and displays going up everywhere. Yes, it is the holiday season, but it is also the season to take required minimum distributions (RMDs). One question we have been getting a lot this year involves RMDs when IRA investments are not liquid.
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The Five-Year Rule and RMDs: Today's Slott Report Maibag

Thursday, November 09, 2023
Question: In 2020 and 2021, when I was over 65 years old, I converted some of my IRA into a Roth IRA. Does the five-year rule still apply to me, or can I now draw out all of the Roth IRA without any tax consequences?
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One Beneficiary, Three IRAs, Three Different Payout Rules

Wednesday, November 08, 2023
An advisor called and said his 75-year-old client had just passed away. He had questions about the payout rules applicable to the three IRAs the client left behind: a traditional IRA, a Roth IRA, and an inherited IRA from his sister. I asked who the beneficiaries were.
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SECURE 2.0’s Biggest Mess

Monday, November 06, 2023
Of the 92 provisions in the SECURE 2.0 legislation, signed into law last December, by far the most challenging is section 327. Section 327 changes the distribution rules for spouse beneficiaries of IRA (and workplace plan) account holders and is effective January 1, 2024.
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The Pro-Rata Rule and Minor IRA Beneficiaries: Today’s Slott Report Mailbag

Thursday, November 02, 2023
Question: Dear Mr. Slott, I made $40,000 additional non-deductible (after taxes) contributions to my IRA many years ago. I have filed IRS Form 8606 every year informing the IRS of the contributions. I would like to withdraw the $40,000 this year so that when I have to take my RMDs next year, the reporting to the IRS will be simpler.
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The Still-Working Exception: Today's Slott Report Mailbag

Thursday, October 26, 2023
Question: We had a client who was 80 years old and still working when he died. He did not own more than 5% of the company. As such, he was not taking required minimum distributions (RMDs) from the plan at his death. Our client named his son as his sole beneficiary.
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“Estate Bypass” - Spousal Rollover When the Estate is Beneficiary

Wednesday, October 18, 2023
An estate can become the beneficiary of a person’s IRA in a couple of ways. First, the estate could be named outright as the beneficiary on the beneficiary form. This is not recommended. Why? One reason is that a non-designated beneficiary (like an estate), must follow certain restrictive payout rules.
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