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529 Plans and the 5-Year Rule: Today's Slott Report Mailbag

Question: Can you please tell me if a client can transfer her required minimum distribution (RMD) to a 529 plan for a grandchild’s college and avoid paying income tax on it similar to a transfer to a qualified charity? Thanks,

4 IRA Tax Breaks for Which We Give Thanks in 2023

Thanksgiving is almost here! This is a time for us to gather together and express our gratitude for all the good things in our lives. When it comes to our retirement accounts, we frequently complain about the negatives, such as the many IRA rules that are way too complicated and confusing.

RMDs When Your IRA Investments Are Not Liquid

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.

The Five-Year Rule and RMDs: Today's Slott Report Maibag

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?

IRA Contribution Limit Raised to $7,000 for 2024

The IRS has released cost-of-living adjustments (COLAs) for 2024. Many IRA limits will increase next year. Higher IRA Contributions The limit on annual contributions to an IRA is increased to $7,000 for 2024, up from $6,500 in 2023. The IRA catch up contribution limit for individuals aged 50 and over was changed to now include a COLA under the SECURE 2.0 but remains $1,000 for 2024.

Common Confusions with the Once-Per-Year Rollover Rule

The once-per-year IRA rollover rule sounds pretty easy to understand. You may only do one IRA-to-IRA (or Roth IRA-to-Roth IRA rollover) per year (365 days). However, this rule is often misunderstood. One common confusion about the once-per-year rollover rule is whether multiple distributions or multiple deposits will trip you up.

The Back-Door Roth Strategy and Spousal Beneficiaries: Today's Slott Report Mailbag

I earn too much money and can’t do a Roth IRA. I have heard about the back-door Roth IRA strategy for those who earn more than the allowable contribution for the Roth IRA where they contribute to a traditional IRA and then roll over to a Roth IRA.

The Still-Working Exception and Spousal Rollovers: Today's Slott Report Mailbag

Question: I have a client who just retired at age 80. He has $800,000 in his 401(k) plan which is being rolled over to an IRA. Does he have to take an RMD this year based on the December 31, 2022 401(k) account value, and can he defer that to early 2024? Thank you!

How to Lose an Inherited IRA and Gain a Big Tax Bill

Did you inherit an IRA from someone who is NOT your spouse? This is not uncommon. Maybe you inherited from a sibling or a parent or a friend. If this is your situation, proceed with caution! For nonspouse beneficiaries, a wrong move can result in disastrous consequences. So, take your time and do it right.

SECURE 2.0 Allows QCDs to CGAs

SECURE 2.0 expands qualified charitable distributions (QCDs) by allowing a one-time only QCD of up to $50,000 to a split-interest entity. As a result of this new rule, there is now a great opportunity to fund a charitable gift annuity (CGA) with a QCD.

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