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The Slott Report

How to Name a Non-Spouse Beneficiary of Your Retirement Account

retirement, IRA, tax planning videos
Life events happen. Marriage is one of those major life events that make you focus on not just the present, but the future. Ed Slott and Company IRA Technical Consultant Jeffrey Levine got married this past Sunday then sat down to talk about how you can name a non-spouse beneficiary of your retirement account.

Combining Inherited IRA Accounts

An interesting question came up recently that went something like this… Mom died with two IRAs. She had two children, who we will call Deborah and Edward. The beneficiary of one of her IRAs was her children, 50% each. The beneficiary of the other IRA was a trust for the benefit of her children. Each child was a 50% beneficiary of the trust. Click to read more about this complicated scenario.

Slott Report Mailbag: Can Inherited Retirement Plan Funds Be Converted to an Inherited Roth IRA?

ed slott IRA, tax, retirement planning questions
Summer is almost here, as the unofficial start to the summer season begins with Memorial Day weekend. To celebrate, we open some IRA, tax and retirement planning mail and answer several of your most pressing questions. This week's Slott Report Mailbag looks at some intricate IRA issues along with a question about the provisions in the new tax law.

5 Things To Know About Disability Exception to 10% Early IRA Distribution Penalty

There are a number of excuses, more formally known as exceptions, that you can use to get out of the 10% penalty and lessen your tax burden. One such exception is for disability. Below, we discuss five important facts you need to know about this exception if you plan on trying to use it to avoid the 10% penalty.

Non-Deductible IRA Contributions: What You Need to Know

In order to make an IRA contribution, you must be younger than age 70 1/2 for the year and also have wages or compensation from your job. Once you make your IRA contribution, then you have to figure out whether it's tax deductible or not.

Sequester Hits IRS

The sequester is coming! The sequester is coming! That is all you heard in February and March. What does that mean for you?

Slott Report Mailbag: Can I Convert My Non-Deductible IRA Contributions to a Roth IRA?

IRA, tax, retirement planning questions
This week's Slott Report Mailbag discusses Roth IRA contributions, conversions and the availability of certain employer-sponsored retirement plans. Click to read a Q&A with our IRA Technical Expert.

Wedded Miss: How Changing Your Last Name Affects Moving Your Retirement Money

Tradition has it that when a man and a woman get married, the woman typically takes the last name of her husband. Although today, many choose to modify this tradition, perhaps by hyphenating their maiden name with their husband’s surname, or do away with it altogether and keep their own name, there are still many who keep this tradition alive.

Don't Pledge Your IRA For Any Loans

Most of us have loans of some sort, whether it's a mortgage on our home, a car loan, student loan, etc. Or maybe you're thinking about applying for a new loan. In order to get the loan, the bank or other lending institution might require you to have some collateral or pledge some assets as security for the loan. However, if you have an IRA, you can’t use it as collateral for any personal loans.

Prohibited Transactions Can Come Back to Haunt You

Two individuals wanted to purchase a business together. They set up self-directed IRAs and a corporation to hold the business. The self-directed IRAs purchased the shares of the new company, which then purchased an ongoing business. The purchase of the business was partly funded with loans that were personally guaranteed by the two individuals.

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