The Slott Report | Ed Slott and Company, LLC

The Slott Report

Detailing the Pro-Rata Rule

For IRA distribution purposes, all IRAs (except Roth IRAs) are considered one big giant IRA. It doesn’t matter if you have one IRA that was rolled over from a former employer, and one SEP IRA with your current employer, and one contributory IRA where you put annual contributions, and one after-tax IRA where you put contributions for which you do not take a deduction. All four IRAs will be considered one IRA any time you take a distribution.

3 Surprising Ways Your Retirement Account Could COST You

When managing your retirement account, you should be aware of the unexpected ways those employer-sponsored or IRA accounts could actually COST you. Jeffrey Levine details 3 of those situations in the article below.

#GivingTuesday: Take Advantage of Qualified Charitable Distribution Before Year-End

If you are an IRA owner and are over age 70 ½ this year, you have to take your required minimum distribution (RMD) by December 31, 2013. If you want to give money to charity this year and haven’t yet taken your IRA RMD, you should consider giving your RMD directly to the charity. Click to find out why.

Think Twice Before Naming a Trust as an IRA Beneficiary

Many individuals are advised by their attorneys to set up a trust. There are a lot of good reasons to have a trust. But you really have to think twice before naming a trust as the beneficiary of an IRA. Read that sentence again – think twice before naming a trust as the beneficiary of an IRA. When that happens, who is the beneficiary of the IRA? Click to find out.

Wall Street Journal: Are Inherited IRAs Protected in Bankruptcy?

An individual inherited an IRA and later went bankrupt. This is becoming more and more common as more beneficiaries are inheriting IRAs and blowing the money! Now the question becomes, "Are inherited IRAs protected in bankruptcy?"

IRA Rules to be THANKFUL For

With Thanksgiving just days away, let’s reflect on some of the IRA rules you should be thankful for this year.

Contribute to BOTH Your 401(k) and IRA in 2013

There’s a common belief that if you have a 401(k) plan where you work and you contribute to it, you’re not allowed to also contribute to your IRA for the same year. But that’s not true; you’re allowed to contribute to both.

How to LOSE an IRA in Divorce

I had an interesting question from an advisor. His married clients don’t like each other anymore. They have considered their options; stay together, get a legal separation, or get a divorce. They have decided to do none of these things.

3 Tips When Planning for a Special Needs Child

Does one of your clients have a special needs child? Are you starting to plan yourself for a special needs child? Jeffrey Levine details 3 tips you should follow when planning for a special needs child.

Give Your IRA RMD Directly to a Charity by December 31, 2013 to Save Taxes

If you are an IRA owner and are over age 70 ½ this year, you have to take your required minimum distribution (RMD) by December 31, 2013. If you want to give money to charity this year and haven’t yet taken your IRA RMD, you should consider giving your RMD directly to the charity.
 

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