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The Slott Report

Obstacles with IRA Contributions and RMDs: This weeks Q&A

This week's Slott Report Mailbag looks into spousal contributions, IRAs, the IRS guidelines, and RMDs.

Conquer Your Fear of Tax Season

One of the most common questions asked during tax season is, “Do I have to file a tax return?” The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your personal exemption, you must file a return. The standard deduction is higher for those 65 or older, so age makes a difference in some cases.

An IRA Beneficiary Quiz. Can You Pass this Exam?

Most people think it is easy to leave an IRA to their heirs. But is it? The following is a quick quiz. How many of these beneficiary questions can you get correct? The answers are at the end of the quiz.

You Missed a RMD! Now What? This weeks Q&A

This week's Slott Report Mailbag looks into missed RMDs, IRA transfers, and Testamentary Trusts.

Sometimes the Score at Halftime DOES Matter

On Sunday night we were treated to the first ever overtime in Superbowl history. It was a great game (with a lousy outcome – sorry, not a Pats fan). Of course, what most people will remember is that the Patriots finished off what may be the greatest comeback in sports history (that hurts to say), and that it was only the score at the end of the game that mattered. That may be true for the Superbowl, but it’s not always the case. As it turns out, sometimes the score at halftime does matter.

5 Things Every Roth IRA Owner Should Know Before Taking a Distribution

Are you one of the growing number of savers who has a Roth IRA? If so, there will come a time when you will want to take funds from your account. Here are 5 things that every Roth IRA owner should know before taking a distribution.

Did you Inherit an IRA? Don't Inherit a Mess. This weeks Q&A Mailbag.

This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and backdoor Roth IRA strategies.

What Happens When Beneficiaries do Not Split the Inherited IRA?

Generally, the goal when naming IRA beneficiaries is that they will stretch out their distributions on the inherited IRA for as long as possible. The tax code and regulations currently support this goal by stating that the stretch option is the default option. But, of course, there are certain rules that must be followed. The IRA agreement must allow for a stretch option. As unbelievable as it may seem, there are still IRA custodians that do not offer a stretch option to beneficiaries.

Why You May Reconsider Naming Your Trust as Your IRA Beneficiary

IRAs have been around for decades. You may have had your IRA for years. Maybe many years ago, when you established your IRA, you named a trust as the beneficiary and haven’t thought a lot about it since. You likely spent both time and money drafting the trust and were careful to name the trust on your IRA beneficiary form. Here are some reasons why it might be worth it to reconsider that decision.

Imperative Q&A's involving Transfers, Rollovers, and Beneficiaries

This week's Slott Report Mailbag looks into indirect and direct transfers, 60-day rollovers, trusts as a beneficiary, and 403(b)'s.


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