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The Slott Report

IRA Transactions That Can Be Missed

Not every IRA transaction is easily identifiable. Some require a little legwork to reveal or report what occurred. Some transactions are not even labeled on official IRS tax forms and can go undetected. Here are three items that taxpayers and tax professionals alike can easily miss.

RMD Aggregation Rules and Appraisals for RMDs: Today’s Slott Report Mailbag

Question: I am 72 years old and want to start taking RMDs. I have multiple accounts from teaching jobs that I had many years ago, plus a couple of traditional IRAs and a 401(k) with my current employer. Can I total all of these up as of December 31, 2021 and take an RMD based on that number, or does each account have an RMD based on its value?

A Tax-Free Roth IRA Distribution in 5 Easy Steps

Roth IRAs offer a trade-off where you pay taxes now on your contribution (or conversion) in exchange for tax-free earnings later. Don’t miss out on tax-free Roth IRA distributions by making mistakes. Here are five steps to follow to make sure money comes out of your Roth IRA tax-free.

The Required Beginning Date is Now a “Really Big Deal”

When it comes to IRAs and workplace plans, the concept of the “required beginning date” (RBD) is a “really big deal” again. The RBD is the first date you’re required to start required minimum distributions (RMDs). For traditional IRAs, the RBD is April 1 of the year following the year you turn age 72. (But if you were born before July 1, 1949, your RBD was April 1 of the year after the year you turned 70 ½.) There are no lifetime RMDs for Roth IRA owners, so they are always considered to have died before the RBD with respect to their Roth IRAs.

RMDs and Roth IRA 5-Year Rule: Today's Slott Report Mailbag

By Andy Ives, CFP®, AIF®
IRA Analyst
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I turn 72 years old next month.  Can I take part of my RMD this year and the balance before April of next year?




The Las Vegas Conference

The Ed Slott team hosted a highly successful training program for members of our Elite and Master Elite Advisor groups last week in Las Vegas. Over 300 financial advisors from across the country attended. Feedback on the educational material provided was positive, with one attendee saying he “never felt more empowered” in his 18-year career.

The Clock is Ticking on 2022 Conversions

Fall is in full swing now with football, foliage, and pumpkin spice everything. The holiday season is just around the corner. Before we know it, the year 2022 will come to an end. If you are considering converting an IRA to a Roth IRA in 2022, the clock is ticking. Here is what you need to know when making this decision:

IRA Rollovers and 2021 RMDs: Today's Slott Report Mailbag

By Sarah Brenner, JD
Director of Retirement Education
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Can an IRA to Roth IRA rollover be spread out over two transactions to soften the upfront tax hit?


A Clear Explanation of the RBD

SECURE Act regulations shoved the required beginning date (RBD) to the front of the stage. No longer can the RBD hide from the bright lights. What was once somewhat of a minor date in people’s lives has blossomed into an important event with cascading impacts on generations of potential beneficiaries.


Question: Hello, I inherited an IRA from my brother who passed away on January 6, 2022. His DOB was 12/31/1952. He had just turned 69. I am 75. My DOB is 6/26/1947. I understand the rules have changed regarding inherited RMD distributions recently and some accounts need to be depleted within a 10-year period.

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