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The Slott Report
The Slott Report
IRA Distribution Basics – Taxation of Distributions
Wednesday, July 12, 2017
Most IRA accounts hold pre-tax contributions and rollover amounts from employer plans. For purposes of this blog, I am going to assume that there are no after-tax amounts held in any IRA, including SEP and SIMPLE IRAs.
10 Things You Must Know about HSAs
Monday, July 10, 2017
As the summer heats up, healthcare remains a hot topic. Will the ACA survive? Will Congressional Republicans succeed in repealing and replacing it? As we reach July these questions remain unanswered. One thing that is clear, however, is that Health Savings Accounts (HSAs) are playing a significant role in the healthcare deliberations. Proponents advocate expanding these accounts as a way to save on health costs and get a tax break. Opponents argue that HSAs can’t help those who cannot afford to fund them.
Questions about Your Inherited IRA? This Week’s Mailbag Q&A
Thursday, July 06, 2017
This week's Slott Report Mailbag looks into inherited IRAs, RMDs, and NUAs.
Six Things to Know About the Year-End Account Balance Used for RMDs
Wednesday, July 05, 2017
1. General Rule As a general rule, the account balance used for calculating required minimum distributions (RMDs) is the prior year-end account balance, with no adjustments. For example, if you are calculating an RMD for 2017 you would use the 2016 year-end account balance. If you are calculating a missed RMD for 2014, you would use the 2013 year-end account balance. If you have your first RMD due for 2017 and you take that RMD in March of 2018, you still use the 2016 year-end account balance. As usual with retirement distribution rules, there are some exceptions to the general rule.
Do You Know When the Pro-Rata Rule Applies? This Week’s Q&A Mailbag
Thursday, June 29, 2017
This week's Slott Report Mailbag looks into direct rollovers, Notice 2014-54, the pro-rata rule and NUAs.
Once-Per-Year Rollover Rule – The Exceptions to the Rule
Wednesday, June 28, 2017
As with most IRA rules, there are exceptions to the once-per-year rollover rule. The rule applies to IRA-to-IRA and Roth IRA-to-Roth IRA 60-day rollovers. Just to be clear, an IRA rollover occurs when a check is issued by the IRA or Roth IRA custodian that is payable to the account owner. The following are the exceptions.
Once-Per-Year Rollover Scenarios – What’s Ok and What’s Not Ok
Monday, June 26, 2017
The once-per-year IRA rollover rule sounds pretty easy to understand. You may only do one IRA-to-IRA (or Roth IRA-to-Roth IRA rollover) per year (365 days). However, there are many ways it can go wrong. Consider the following two scenarios. One involves multiple distributions and the other involves multiple rollover deposits. One is ok and the other is not.
Avoid 60-Day Rollover Mistakes: This Week’s Q&A
Thursday, June 22, 2017
This week's Slott Report Mailbag looks into 60-day rollovers, IRA withdrawals, and NUAs.
Quiz Yourself with These IRA Questions!
Wednesday, June 21, 2017
After you’ve answered the questions below, scroll down to see the answers and see how well you know your stuff!
The High Cost of IRA Mistakes
Monday, June 19, 2017
So you think you don’t need/can’t afford an advisor? Have you considered the cost of making IRA mistakes? Even seemingly simple transactions are subject to rules and restrictions under the tax code. Did you contribute too much by mistake? This mistake cannot be corrected by simply withdrawing the excess amount. There are rules on how to fix the mistake. If you are not thoroughly familiar with the IRA rules, it is all too easy to make a mistake, and mistakes can be very costly.
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