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Roth IRA

Top 10 IRA “Popular Confusions”

Wednesday, September 27, 2023

By Andy Ives, CFP®, AIF®
IRA Analyst
Follow Us on X: @theslottreport


The Ed Slott team answers thousands of IRA and work plan questions annually - emails, phone calls, in-person conversations, webinars, Q&A programs and texts. We accommodate all members of the Ed Slott Elite Advisor Group, work with non-member advisors at our 2-Day training programs, and answer questions from the general public via our weekly mailbag. Over time, certain inquiries repeat themselves. I call these “popular confusions.” Here are 10 IRA and work plan topics that you may have stumbled across yourself:

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“Mid-Air” Roth Conversions

Wednesday, September 13, 2023
If ever I was traveling from Los Angeles to Atlanta, I would choose a direct flight with no layovers. I want the most efficient route to my destination. Point A to Point B. Take off, land. Assuming no difference in ticket price and all things being equal, if another LAX to ATL itinerary included a stop in, say, Chicago, would there be any reason to take it? Why pass through another airport in another city when I can fly direct?
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More on the Roth Catch-Up Contributions Delay

Monday, September 11, 2023
The August 28, 2023 Slott Report summarized IRS Notice 2023-62, where the IRS delayed the effective date of the SECURE 2.0 rule requiring catch-up contributions by higher-paid older employees to be made on a Roth basis.
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The 10-Year Rule and 529 Plans: Today's Slott Report Mailbag

Thursday, September 07, 2023
Question: My name is Bruce. I am 65 years old, and I have a question about the SECURE Act. My mother died at age 89 on April 19, 2023, and I inherited her IRA. She had been receiving RMDs for years and most recently filed her 2022 tax return indicating she had received her last RMD in December 2022.
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Roth Conversions and Inherited Roth IRA RMDs: Today’s Slott Report Mailbag

Thursday, August 31, 2023
Question: Hello, If you do a Roth conversion from an IRA, does that qualify as your required minimum distribution (RMD) for the year? Or is it separate and apart from the RMD? Thank you,
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IRS Delays Effective Date of Mandatory Roth Catch-Up Rule Until 2026

Monday, August 28, 2023
Last Friday afternoon (August 25, 2023), the IRS gave employer plans two more years to comply with the controversial SECURE 2.0 rule requiring “catch-up contributions” for high-paid employees to be made on a Roth basis. The effective date of the rule was postponed from January 1, 2024 to January 1, 2026. The delay is set forth in IRS Notice 2023-62.
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How the Roth IRA 5-Year Rule Works

Wednesday, August 23, 2023
We are often asked how the Roth IRA 5-year rule works. This is a borderline trick question because there is not one 5-year rule for Roth IRA distributions. There are actually two different 5-year rules. So, to avoid confusion, let’s talk separately about each 5-year rule.
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Inherited IRA and Roth IRA RMD Rules: Today’s Slott Report Mailbag

Thursday, August 10, 2023
Question: I’m age 76. My brother died in December 2022 at 84. Do I take required minimum distributions (RMDs) for the inherited account based on my age or on my brother’s age at death?
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Anomalies and Exceptions

Wednesday, August 09, 2023
As already-complicated IRA rules spiral further into an abyss of confusion, it comes as no surprise that irregularities exist. Up is down and left is right. Green means stop, red means throw your hands up in exasperation.
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Roth Conversion Confusion – Taxes Withheld When Under 59 ½

Monday, July 31, 2023
There is no doubt we have written about this topic in past Slott Report entries. Possibly many times. There is also no doubt that people continue to make this same error, over and over again. Such was the case recently when the Ed Slott team visited with 150-plus financial advisors from across the nation in Boston.
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