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Required Minimum Distributions: Today's Slott Report Mailbag

Thursday, May 18, 2023
Question: Hello and thank you for all the great, helpful information you continue to send out. I am due to take my first RMD (required minimum distribution) in 2024 which would make my required beginning date April 1, 2025 if I understand correctly. My intention is to empty my traditional IRA next year and convert it to my existing Roth. My question is, if my traditional IRA shows a zero balance by my required beginning date, would that still require a RMD be taken for 2024? I’d like to know if I can convert the entire account or if I have to take an RMD and then convert the rest. I think the answer is I would have to take an RMD, but am not 100% sure. Thanks so much, Dana
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HSA Benefits That May Surprise You

Wednesday, May 17, 2023
You have likely heard of Health Savings Accounts (HSAs), and you may even understand the basics of how an HSA works. These accounts are really not too complicated. If you have a qualifying high deductible health plan, you may contribute to an HSA. Then, you can take tax-free distributions to pay for qualified medical expenses.
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Conversion as a Gift to Your Beneficiaries

Monday, May 08, 2023
Do you have an IRA you are thinking about converting to a Roth IRA? There are many benefits to converting. You trade an immediate tax bill for the promise of tax-free earnings and distributions down the road. However, one benefit you may not have considered is the benefit to your beneficiaries. Inheriting a traditional IRA will have very different tax consequences than inheriting a Roth IRA. Converting your IRA to a Roth IRA is really a gift to your beneficiaries.
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Inherited Roth IRAs and Backdoor Roth IRAs: Today's Slott Report Mailbag

Thursday, April 27, 2023
Question: Greetings, There seems to be a lot of conflicting information on Inherited Roth IRAs, for which I was hoping to get a definitive answer from the experts. My understanding was that a non-spouse beneficiary (who is not an eligible designated beneficiary), who inherits a Roth IRA wouldn’t be subject to annual RMDs but would be subject to emptying the account within 10 years of the original account owner’s death (for account owners who died after 2019, that is). I thought this exception was predicated on the original account owner of a Roth IRA not being subject to a required beginning date (RBD).
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The 5-Year Rule for Converted Roth IRA Funds

Wednesday, April 26, 2023
If you recently converted your traditional IRA to a Roth IRA and you under 59 ½, you will want to know about the five-year rule for penalty-free distributions of converted funds from your Roth IRA. Many people are not aware of it. Not understanding how the rule works can result in heavy penalties when you withdraw your Roth IRA funds.
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Roth IRA vs. Roth 401(k)

Monday, April 17, 2023
More 401(k) plans are starting to offer Roth options. If you now have this option, you may be wondering what the difference is between a Roth IRA and a Roth 401(k). Which account is right for you? These accounts have a lot in common. Both offer the ability to make after-tax contributions now in exchange for tax-free earnings down the road if the rules are followed. However, there are some important differences between the two plans that you will want to understand.
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Qualified Charitable Distributions and Roth IRAs: Today's Slott Report Mailbag

Thursday, April 06, 2023
Question: I have been told that QCDs are not allowed from local and state government 457(b) plans. I have looked at the accountant’s IRS manual, websites etc. and I can’t find any information that prohibits QCDs from this type of plan. Can you shed some light on this?
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5 HSA Rules You Need to Know

Wednesday, April 05, 2023
Health Savings Accounts (HSAs) are rapidly growing in both size and in number. These accounts offer deductible contributions and tax-free distributions for qualified medical expenses. An HSA can be a valuable tool not only for paying for medical expenses but also for planning for your future. Here are 5 HSA rules you need to know.
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Five Facts You Need to Know About FDIC Insurance and Your IRA

Monday, March 27, 2023
The Federal Deposit Insurance Corporation (FDIC) has been in the news recently as bank failures have made headlines. The FDIC is an independent agency created by Congress. It provides deposit insurance coverage for institutions such as banks, in the event that the bank fails and does not have enough assets to pay off depositors.
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Employer Plans and The 5-Year Rule: Today's Slott Report Mailbag

Thursday, March 23, 2023
Question: My daughter had two employers during 2022. The first employer offered a matching 401(k) plan in which she enrolled. The second employer (her current employer) offers no retirement plan benefit. In preparing my daughter’s 2022 federal tax return on TurboTax, she is unable to take advantage of a deduction for an IRA contribution, because the 2022 W-2 from her first employer in 2022 indicates that she is covered by a retirement plan.
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