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The Slott Report

Slott Report Mailbag: How Do I Name a Properly Titled Inherited? IRA?

ed slott IRA questions
This week's Slott Report Mailbag looks at the once-per-year rollover rules, touches on how to name a properly titled inherited IRA and once again dissects the always-confusing Roth IRA 5-year rules. Click to read a Q&A with our IRA Technical Expert.

You CAN'T Change Your Mind on a Roth 401(k) Conversion

While many of us know that you can convert an IRA to a Roth IRA, a process that’s not as well understood is a Roth 401(k) conversion. If you participate in a 401(k) at work, you can convert your existing plan assets to a Roth account inside the 401(k) plan. This option is known as an “in-plan conversion.” But check with your employer first because although the law allows an in-plan conversion, your plan may not have this option.

IRA Contributions When You Contribute to an Employer Retirement Plan

I am maxing out my 401(k) or I am contributing to a 401(k), can I also make an IRA contribution? We get asked that question a lot. Find the answer below.

Slott Report Mailbag: I Am Confused About the Roth IRA 5-Year Rules!

ed slott IRA, tax and retirement questions
This week's Slott Report Mailbag includes an answer to a question on those rules, as well as an inquiry on spousal beneficiary rules and the differences between an IRAs and fixed annuities. Click to read a Q&A with our IRA Technical Expert.

"How is My Annuity Going to Be Taxed?"

“How is my annuity going to be taxed?” It’s a question that's asked frequently, but one that can have several different answers. That's because an annuity can be taxed differently depending on the type of annuity you are receiving distributions from, as well as the type of the account it's in.

Using Post-Nuptial Agreements for Employer Plan Benefits is RISKY

A recent court case highlights how risky it is when a married couple attempts to use a post-nuptial agreement when trying to waive spousal benefits to an employer retirement plan. In the case of Mid-American Pension v. Michael Cox, the court ruled that a surviving wife’s promise to waive her rights to her husband’s 401(k) funds by signing a post-nuptial agreement was invalid because the agreement wasn’t drafted correctly.

The Kay Bailey Hutchison Spousal IRA Receives Congressional Agreement

The Kay Bailey Hutchison Spousal IRA: what a mouthful! We now have this thanks to a bill that was signed into law on July 25, 2013 that renamed the section of the tax code that specifies the spousal IRA contribution limit. Learn more about this type of IRA below.

Ruling to Remember: Waiver of the 60-Day IRA Rollover Requirement

A taxpayer we will call "Greg" asserted that his failure to accomplish a prompt rollover of his distributed IRA funds within the prescribed 60-day IRA rollover window was due to the medical condition and death of his mother. Get the full story below.

Will Your Will be Challenged by a Beneficiary? Creating an "In Terrorem" Clause in Your Estate Plan

Creating an estate plan can be a very challenging process. For starters, it involves serious contemplation of on'’s death and the resulting aftermath, which can, in and of itself, be an uneasy topic of discussion. In some cases, however, the process can be particularly emotional and technically challenging. Oftentimes this occurs when someone chooses, for one reason or another, to treat children or other similar beneficiaries unequally, perhaps even disinheriting one or more of them.

FINRA Says Watch Out for "Free" or "No-Fee" Claims for IRAs

IRA custodians are allowed to charge fees on IRAs, but the fees must be properly disclosed to you. These fees are required to be spelled out in the disclosure statement portion of the custodian's IRA document that you get when you open the IRA.
 

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