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IRS Regulations and QCDs: Today's Slott Report Mailbag

Question: When will the IRS release final regulations for RMDs on beneficiary IRAs? Kim

October 17 is the Deadline to Correct 2021 Excess IRA Contributions Without Penalty

Maybe you made a Roth IRA contribution for 2021, but your income was too high. Maybe you made a traditional IRA contribution without having any earned income. These are both examples of excess IRA contributions. The bad news is that excess IRA contributions happen can easily and often. The good news is that if you properly correct the contribution, you can avoid penalties.

3 IRA Rules To Know Before You Walk Down the Aisle

According to many recent surveys, the fall months of September and October are overtaking June as the most popular time of year to tie the knot. If your wedding is approaching in the next few months, the last thing you may be thinking about is your retirement account, but when it comes to IRA rules, marriage has its benefits. Here are three IRA rules you should know before you walk down the aisle:

Required Minimum Distributions and Inherited IRAs: Today's Slott Report Mailbag

Question: By law I must withdraw a certain percentage from my retirement accounts to meet the required RMD. And I will have to pay income taxes on that amount. The percentage amount I must withdraw is based on the value of the account as of December 31, 2021 at which time the market was very high.

Roth Conversions and Designated Beneficiaries: Today's Slott Report Mailbag

Question: Hi Mr Slott, I read somewhere but couldn't remember where, if a person needs to withdraw an RMD but doesn't need the money, can he convert this RMD to a Roth IRA? Thanks in advance

Your Age and Your Roth IRA Conversion

Questions on how age affects the decision to convert to a Roth IRA are common. What age is too old to convert? There is no easy answer to this question because there is no magic age when conversion makes the most sense or no longer makes sense at all. Conversion can be the right move at any age.

How An ESA Can Help with Back-to-School Expenses

August is winding down and September is just around the corner. That means that it is back to school time! Education can be expensive. This year, with inflation raging, that seems even more true than ever. If you have children looking to further their education, you will need to explore every possible option out there that can help you save. One savings tool that many parents overlook is the Coverdell Education Savings Account (ESA).

Eligible Designated Beneficiaries and RMD Aggregation: Today's Slott Report Mailbag

Question: Hi, My wife (68) inherited a traditional IRA and a Roth from her sister (71) in 2021. Both accounts have been moved to inherited IRAs. I’m trying to do some tax planning. Can you please confirm the following from my confusing research?

What You Need to Know about the Still-Working Exception

Are you nearing retirement age and not looking forward to taking unwanted required minimum distributions (RMDs) from your retirement account? You may be looking for a strategy to delay those distributions. The “still working” exception allows RMDs to be delayed. Will this exception help you? Here is what you need to know.

Four Things to Know About Your Plan Rollover and Your RMD

Many Americans are still working long beyond what has traditionally been retirement age. This may be a choice or a necessity. If this is your situation, you may be keeping funds in your employer plan well into your seventies and maybe even later. This can bring big benefits. You can still make contributions to your retirement account, and you may even be able take advantage of the “still-working exception” that allows required minimum distributions (RMDs) to be delayed.

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