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The Slott Report
The Slott Report
Your IRA or Roth IRA is Included in Your Taxable Estate
Friday, July 01, 2011
Taxpayers believe that because they have already paid the income tax on Roth IRAs that the Roth IRA balance will not be included in the estate for estate tax purposes. As the title indicates, your IRA or Roth IRA will be included as part of your taxable estate at your death. Click to read more about where it says this.
What You Need to Know About Special 10 Year Income Averaging
Tuesday, June 28, 2011
A provision in the tax code allows use of a special formula called “ten year income averaging” by qualifying individuals or their beneficiaries to determine the tax liability with respect to a lump sum distribution they may receive from an employer-sponsored qualified plan or annuity. To qualify for 10 year income averaging, the following six tests must be met.
Spousal Rollovers and the RMD for Year of Death
Friday, June 24, 2011
Click to read how spousal rollovers and the RMD for year of death should work under the IRA rules.
Plan Participant's Second Marriage Inadvertently Disinherits Children
Friday, June 03, 2011
When does the beneficiary form not trump all? IRA Technical Consultant Jeffrey Levine wrote an article this week for Producer's eSource about a court case (Cajun Industries, LLC vs. Korbert Kidder, et al.) in which a plan participant's second marriage inadvertently disinherited the children from receiving all of the retirement account savings.
Hardship Withdrawal From an IRA
Wednesday, June 01, 2011
Let me start out by saying there is no such thing as a hardship withdrawal from an IRA. An IRA owner generally has unlimited access to their IRA funds for any reason whatsoever (unless they are in an investment that limits their access). There is no age restriction on taking a withdrawal from the IRA. So, there is no need to prove a hardship. So, there is no need to prove a hardship. BUT, if you do take a withdrawal before you are age 59 ½, then there is an extra tax to pay.
Roth IRAs: When Does the 5-Year Rule Start?
Wednesday, May 25, 2011
Roth IRA questions continue to come in to advisors. Click to read this week's top question.
Income in Respect of a Decedent (IRD) History
Monday, May 16, 2011
IRD is taxable income that was earned but not received by an individual prior to his or her death. It is taxed in the same manner to the recipient as it would have been to the decedent had he or she lived to collect it. Good examples of IRD include deferred compensation, series EE savings bonds and date of death balances in IRAs and other tax-deferred retirement plans, just to name a few.
401(k) Beneficiary Form is Trumped by Spouse; Disinherting Children
Tuesday, May 10, 2011
In a recent case, the US District Court for the Middle District of Louisiana ruled that despite having previously named his three children as beneficiaries of his 401(k) plan, Leonard Kidder's 401(k) balance would pass to his new wife. The Court's ruling illustrates just how difficult it can be to remove a spouse as the beneficiary of an ERISA governed plan, such as a 401(k).
Excess IRA Contributions 101
Monday, April 04, 2011
In 2010, the IRA contribution limit was the lesser of $5,000 or earned income. If you were 50 or older by the end of 2010 then an additional $1,000 catch-up contribution is allowed, for a total of $6,000. The same limits also apply to Roth IRAs, but they are not independent of one another. Click to read more about excess IRA contributions.
Final Four of Irrevocable IRA Rollover Mistakes
Monday, March 28, 2011
March Madness is upon us and we are down to the Final Four. No, we're not talking about college basketball here… we're talking rollover mistakes. The following is our Final Four list of irrevocable rollover mistakes.
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