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The Slott Report

Do You Know When the Pro-Rata Rule Applies? This Week’s Q&A Mailbag

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

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

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

This week's Slott Report Mailbag looks into 60-day rollovers, IRA withdrawals, and NUAs.

Quiz Yourself with These IRA Questions!

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

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.

Calculating RMDs with Multiple Beneficiaries: This Week’s Q&A

This week's Slott Report Mailbag looks into calculating RMDs with multiple beneficiaries and inheriting IRAs.

The 10% Penalty and Converted Funds - Five Things You Need to Know

The Roth IRA rules can be complicated. One area that is especially complex is understanding how the 10% penalty applies to converted Roth IRA funds. Here are five things you need to know if you already have converted funds in your Roth IRA or if you are just trying to decide whether Roth conversion is the right strategy for you.

America’s IRA Experts are in Las Vegas!

This week, Ed and I (Jeffrey Levine) are in Las Vegas for the first ever AICPA Engage Conference. Engage has taken some of the biggest (and in my humble opinion, best) AICPA conferences, such as the Advanced Personal Financial Planning Conference and the Advanced Estate Planning Conference, and merged them into one giant conference.

This Week’s Q&A: Is Roth Conversion Right for Everyone?

This week's Slott Report Mailbag looks at converting a traditional IRA to a Roth IRA, as well as making Roth contributions in the year of retirement.

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