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Roth IRA Rollovers and Contributions: Today's Slott Report Mailbag

Question: I set up a Roth outside my employee retirement plan. I retired on 10-01-2018. I set up an automatic contribution to my Roth IRA from my checking account and, up to this day, still continue to contribute to the Roth IRA . Shall I opt out since I’m retired now? Your advice is deeply appreciated. Thank you very much. Sincerely, Ester Answer: Hi Ester, Contributing to a Roth IRA in addition to your employer plan is a great way to increase your retirement savings.

SIMPLE IRAs and 72(t) Payments: Today's Slott Report Mailbag

Question: I am a financial advisor and want to be clear on something. If a client has a SIMPLE IRA that they are contributing to and have an IRA and are 70.5, can they aggregate the distributions for both and remove from the IRA? Wanda Answer: Aggregation of RMDs is a tricky area and we see lots of mistakes. SIMPLE IRAs can be confusing as well because sometimes these accounts follow the IRA rules, and sometimes they follow plan rules.

The Two-Year Holding Period for SIMPLE IRAs

SIMPLE IRAs are not so simple. One factor that makes SIMPLE IRAs tricky is that they are subject to unique rules, found nowhere else in the tax code, such as the two-year holding period. Two-Year Holding Period When does the two-year holding period begin? This is a question that often creates confusion. The two-year holding period begins with the date the employee’s first contribution is deposited to the SIMPLE IRA. It is not the date employment begins or even the date you become eligible to participate in the SIMPLE IRA plan. 25% Early Distribution Penalty Distributions taken from a SIMPLE IRA before age 59 ½ are subject to an early withdrawal penalty of 25% when withdrawn during the two-year holding period.

Three Ways to Decimate a Retirement Account in a Flash

If you want to move your retirement account from one institution to another, you can do it one of two ways; directly or indirectly. Moving your account directly is the preferred way because it avoids a lot of headaches, but for various reasons, sometimes people choose to use the indirect method.

The Consequences of Breaking Rollover Rules

This week's Slott Report Mailbag looks into IRA rollovers, IRA transfers, and back-door Roth IRAs.

An IRA Rollover Quiz

Most people think it is easy to move their retirement assets. But is it? The following is a quick quiz. How many of these rollover questions can you get correct? The answers are at the end of the quiz.

7 IRA Questions to Ask Before You File Your Return

1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040.

Sending Out an SOS for Those Taking RMDs and Inheriting IRAs

This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and RMDs when you are still working.

Age 70 ½ Confusion for Retirement Accounts

Required minimum distributions (RMDs) must begin from most of your retirement accounts at age 70 ½. But it is not as easy as just looking at when you are 70 ½.

Imperative Q&A's involving Transfers, Rollovers, and Beneficiaries

This week's Slott Report Mailbag looks into indirect and direct transfers, 60-day rollovers, trusts as a beneficiary, and 403(b)'s.

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