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The Slott Report
The Slott Report
Discussion Forum Topic: Taxable Account vs. Inherited IRA (Part 1)
Friday, August 21, 2009
This week the
Ed Slott IRA Discussion Forum
featured a question about how inherited assets are taxed and treated. But are all inherited items the same? Does an IRA receive the same tax treatment as a taxable account? Keep reading to find out.
Monday, August 17, 2009
Generally, when rollover eligible assets are distributed from a qualified retirement plan, 403(b), 401(k) or 457(b), to the participant, instead of a direct rollover to an eligible retirement plan, the payer must withhold 20% for federal income tax. And if applicable, any state withholding tax.
Discussion Forum Topic: Form 8606
Friday, August 14, 2009
This week, the Ed Slott IRA Discussion Forum featured multiple questions about IRS Form 8606. But what is this form and why is it so important? Read on to find out the Who, What, When, Where, Why and How of form 8606.
Use of Life Insurance to Protect IRA Assets
Monday, August 03, 2009
Life insurance is not only be the single biggest benefit in the tax code, but it is also the most cost-effective way to protect a large IRA. If set up correctly, life insurance proceeds (death benefits) could come into the estate sans estate and income tax.Life insurance premiums should be paid by the beneficiaries or by the trustee of an irrevocable life insurance trust so that life insurance proceeds will be estate and income tax free.
Converting Inherited Assets to a Roth IRA
Tuesday, July 14, 2009
You are a non-spouse beneficiary and you've inherited an IRA or employer plan assets. Can you convert those assets to a Roth IRA? The answer is yes and no.
QCDs (Qualified Charitable Distributions) in 2009
Tuesday, June 16, 2009
The qualified charitable distribution was first effective in 2005 and expired as of 12/31/2007. It has been extended for 2008 and 2009. Originally, it was a way for an IRA owner to take all or part of his or her required minimum distribution (RMD) as a distribution payable to a qualifying charity.
Roth IRA Recharacterization
Monday, June 15, 2009
If you recently converted a traditional IRA to a Roth IRA, you can recharacterize by October 15 of the year following the conversion. A recharacterization means reversing your Roth IRA conversion as if it never happened. When you convert a traditional IRA to a Roth IRA, you pay the income taxes based on the fair market value of the assets, your basis at the time of conversion.
Paying Taxes on a 2010 Roth Conversion
Wednesday, June 03, 2009
2010 is coming up fast with its new Roth conversion rules. In 2010 anyone can do a Roth conversion. The income and marital restrictions are permanently removed. In addition, the government is going to give you a deal on paying the taxes due on any conversions you do in 2010.
IRA-to-IRA Rollovers: The Once Per Year Rule
Wednesday, May 27, 2009
IRAs are not savings accounts. The IRA account comes with some very strict rules on moving the funds from one account to another. If you do not follow the rules, you can lose the tax deferred status of the IRA funds and have to pay income tax on them.There are two ways to move IRA or Roth IRA funds.
Trusts as IRA Beneficiaries
Tuesday, May 05, 2009
The number one problem I see when a trust is named as an IRA beneficiary is that at some point, either during the account owner's lifetime or when the trust inherits the IRA, the IRA gets transferred into the trust. An IRA is an Individual Retirement Arrangement and it must be owned by an individual. The transfer into the trust is a taxable event and cannot be undone, but it can be avoided.
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