The Slott Report | Ed Slott and Company, LLC

The Slott Report

Exceptions to the 10% Early Distribution Penalty: Proceed with Caution

Every so often, the IRS or the courts remind us that the exceptions to the 10% early distribution penalty are narrowly interpreted. That means if your situation doesn’t fit the letter of the law to a “t,” then the exception will not apply, and the tax will be due.

7 Tax-Free HSA Distributions that May Surprise You

You may understand the basics of how an HSA works. The fundamental premise is not so complicated. If you have a qualifying high deductible health plan you may contribute to an HSA.

Direct Rollovers and Roth Conversions: Today's Slott Report Mailbag

Question: Hello, I met Ed Slott at an FPA function where he spoke in Independence Ohio, several years ago. I have purchased books written by him, however I am not presently a subscriber to your service. I would appreciate your response to a question.

How to Make Required Minimum Distributions Work for You

As summer ends and fall approaches, so does the season for taking required minimum distributions (RMDs). There is a 50% penalty for failing to take an RMD, so don't miss one. But don't just take an RMD, plan ahead now to make it work for you. Possibilities...

“See-Through” Trusts – What You Need to Know

You may ask if you should leave your IRA to a trust. This can be a complicated question. Trusts can be complex and retirement accounts are not like other assets.

Rollovers and Roth Conversions: Today's Slott Report Mailbag

Quick question. Client’s daughter died at age 41. Client is age 71. Can she combo her daughter’s 401k into her current Traditional IRA since she has to take RMD’s on the traditional and a Beneficiary/Inherited IRA would be based on her (Mom’s 71) current age for Beneficiary/Inherited RMD’s, OR does she have to open a Beneficiary/Inherited RMD no matter what and a combo of Traditional IRA and Beneficiary/Inherited IRA is not allowed.

Time to Rollover Your Employer Plan? Know Your Options!

For years we saw and heard the commercials – rollover your 401(k) to an IRA. They suggested that this was the only option – and the best option – for you. But it was not the only option; and it might not be the best option for you.

Rolling Over Required Minimum Distributions? Sounds Crazy, But There’s Always an Exception

One of the most important things you learn in law school is how the law is structured. You are better able to analyze the rule (and predict outcomes) when you understand how it is was created and how is has been treated ever since. Every law starts with a broad concept.

Roth IRAs & 72(t) Payments: Today's Slott Report Mailbag

Mr. Slott, My 45 year old daughter’s financial advisor has recommended for her NOT to put retirement contributions into a Roth IRA! His reason being that by paying taxes up front for a Roth, there is less money to grow!

Be Sure Your IRA Beneficiaries are Designated Beneficiaries

IRAs have beneficiaries and "designated beneficiaries," and it is important to know the difference. If you wish your heirs to have the opportunity to take full advantage of "stretch" IRAs, and to avoid other possibly costly mistakes, be sure your heirs are designated beneficiaries.

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