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SEP IRA

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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Roth-O-Mania!

Monday, January 23, 2023
SECURE 2.0 is now the law of the land and one thing is very clear. Roth-O-Mania is here! In their quest for more revenue, Congress has created more options to save with Roth accounts. These accounts bring in the immediate revenue that Congress desperately needs. For retirement savers, these Roth options offer the promise of potential tax-free earnings and withdrawals down the road.
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Random Real-Life Questions and Answers

Monday, November 28, 2022
Each day we receive dozens of retirement-related questions from advisor members of the Ed Slott Elite IRA Advisor Group. Conversations range from incredibly complex to obscure to, “I just need you to confirm what I was thinking.” Whether a long explanation is required or a quick comment, our members have our undivided attention. We take every question seriously and proactively fill in any information gaps. Here is a random sampling of some recent communications:
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Inherited IRAs and SEP Accounts: Today's Slott Report Mailbag

Thursday, April 07, 2022
Question: I have a non-spousal inherited IRA account. Once I take out my RMD for the year, am I able to take out excess funds and roll those into a Roth account? Thank you. Answer: Inherited IRA accounts do not follow all the same rules nor do they have all the same benefits as your own IRA. For one, inherited IRA dollars are not permitted to be converted to a Roth IRA. This is true even if you have satisfied your RMD for the year on that inherited IRA account.
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Your First RMD and SEP IRAs: Today's Slott Report Mailbag

Thursday, January 13, 2022
Question: Hi, I turn 72 this year and have to take my first required minimum distribution (RMD). I am also in the process of converting most of my IRA into a Roth IRA. I know I have to take my RMD first before the conversion. Since this is my first year of RMDs, I know one of the options is to delay the RMD until April of next year.
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Is it Too Late to Open Up a Small Business Retirement Plan for 2021?

Wednesday, January 12, 2022
As we move into 2022, small business owners may be wondering whether they still have time to establish a new retirement plan for 2021. The short answer is: “It depends.” There are several retirement plan options especially designed for small business owners, including the self-employed. These include SEP IRAs, SIMPLE IRAs and Solo 401(k)s. All three can be opened up and maintained easily and inexpensively, and all allow tax-deductible contributions that can be significantly higher than the IRA contribution limit.
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Retirement Planning for the Self Employed

Monday, October 25, 2021
Not everyone has a boss. In an economy upended by COVID, individuals, sometimes by choice and sometimes not, are striking out on their own and starting new businesses or becoming part of the gig economy. A critical issue for these workers is how to save for retirement.
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60-Day Rollovers & SEP IRA Contributions: Today's Slott Report Mailbag

Thursday, April 15, 2021
Question: A new customer came to me asking for help with an IRA. Unfortunately, he had already accepted a check from the 401(k) plan made out to him personally. He sat on the check for 5 months and deposited it into his checking account last week. He is only 50 years old. Since we are well after the normal 60-day rollover period, is there any way that this can be repaired? Perhaps under the CARES act of 2020 if his departure was Covid related? Any direction you can provide would be appreciated.
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3 Tips to Avoid Tax Problems with Your SEP

Wednesday, February 03, 2021
A Simplified Employee Pension (SEP) is a popular choice for many small employers. Although these plans are in fact designed to be less complex than other types of retirement plans, there are many ways to go wrong and make errors. Here are three tips to avoid tax problems with your SEP.
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Inherited IRAs and SEP IRA Contributions: Today's Slott Report Mailbag

Thursday, January 21, 2021
Question: We had a client who died with no beneficiaries on his $500k 401(k). He wasn’t married and only 45 years old. His parents are disclaiming rights to the inheritance, so it’s going to his siblings. Is there any way these two siblings can stretch the retirement account into an inherited IRA? If so, what does that look like? Thanks, Patrick Answer: Hi Patrick, The siblings may still be able to use the stretch even after the SECURE Act eliminated it for most beneficiaries.
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