The Slott Report | Ed Slott and Company, LLC

The Slott Report

RMDs as a beneficiary & Direct Rollovers: Today's Q&A Mailbag

Client is over 70 1/2 and passed away in 2018 and did not take their 2018 RMD yet. There are 4 non-spouse beneficiaries who are opening new inherited IRA accounts for their share.

7 Mistakes to Avoid with Inherited IRAs – Things You did not Learn in School

An inherited IRA can be a great thing for the beneficiaries. It is almost like winning the lottery or the Reader’s Digest sweepstakes. You get income for life, or do you? It is all too easy to miss out on this opportunity.

The Supreme Court Has an IRA Reminder for You

In the recent case of Sveen v. Melin, the Supreme Court ruled that life insurance proceeds would not go to an ex-spouse, even though her name remained on the beneficiary form after the divorce. Instead, the Court said the Minnesota state statute removing an ex-spouse as a beneficiary upon divorce is constitutional and awarded the life insurance proceeds to the contingent beneficiaries; children from a prior marriage.

Rollovers & Naming a Trust as a Beneficiary: Today's Q&A Mailbag

Roll over all but $4000 of nondeductible IRA in my Traditional IRA into my SEP IRA, then rollover the $4K basis into my Roth IRA? Can I do that? Can I do both rollovers in quick succession in the same day so that the Traditional left with the $4K does not accrue the daily interest?

Self-Directed IRAs: Knowing the Law is Only Half the Battle

Many individuals who open IRAs choose to invest in traditional asset classes, such as stocks, bonds, or mutual funds. But for a growing number of people, these options are not enough. Instead, they look to invest in other non-traditional assets.

The IRA Aggregation Rule: Easing RMDs, Complicating Roth Conversions

When you own multiple IRAs and take an IRA distribution, the IRS treats all your non-Roth IRAs as one. This helps you when you reach age 70 ½ and must begin taking annual required minimum distributions (RMDs).

Separating IRAs: Today's Q&A Mailbag

Is this a question you can help me with? Client’s husband & Wife had a living trust. Attorney suggested that all holdings be put into the trust or make the Trust the beneficiary. Husband died several years ago, in January, 2018 the wife died.

Disaster Relief Information from the IRS

A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 included relief for the victims of Hurricanes Harvey, Irma and Maria.

Disaster Relief Information from IRS

A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 included relief for the victims of Hurricanes Harvey, Irma and Maria.

Your IRA May Go to the Government, but You Get the Tax Bill

Did you know your IRA could be escheated to the state as abandoned property? Not many IRA owners are aware of this possibility, but more and more are facing it.
 

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