The Slott Report | Ed Slott and Company, LLC

The Slott Report

IRA-to-IRA Rollovers: The Once Per Year Rule

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

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.

IRA Fees May be Tax Deductible

Ever wonder if the fees you pay your bank, broker, or insurance company for your IRA could be income tax deductible? Under certain circumstances, you can deduct an IRA trustee's administrative fees that are billed separately (and paid by you) in connection with your IRA.

After-Tax Money in an IRA

You have made after-tax contributions to your IRA or you have rolled over after-tax funds from your 401(k) or other employer plan to your IRA. How do you and the IRS know what is taxable when you take a distribution?

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