If you have both pre-tax and Roth accounts in a 401(k) (or a 403(b) or governmental 457(b)) and are subject to required minimum distributions (RMDs), be aware of new rule changes made in the 2022 SECU RE 2.0 law. The rules were clarified in the IRS RMD final regulations, which came out on July 18.
The takeaway for advisors from the just-released Government Accoutability Report on IRA conflicts is that “unfortunately, more regulation is on the way and that means more burdensome compliance paperwork,” according to IRA and tax expert Ed Slott of Ed Slott & Co.
Tax and IRA expert Ed Slott discusses how the Secure and Secure 2.0 Acts undermine the case for deferring the tax bill.
Complex rules are “ridiculous” but advisors can add long-term value by helping clients get their IRAs and 401(k) balances down.
Financial advisors are well aware of the tax rules that affect retirement withdrawals, required minimum distributions, Roth conversions and rollovers. Clients, though, can often make major wealth-killing mistakes when managing their retirement savings.
The IRS’ final rules on required minimum distributions for beneficiaries under the 10-year rule, released Thursday, have created ”an unnecessary complication” that only Congress can fix, according to IRA and tax expert Ed Slott of Ed Slott & Co.
While an IRA rollover is the best move for most people when distributing money from a 401(k) plan, there is a special case when a lump-sum distribution makes sense — and the justification for one is “bigger than ever,” according to tax and IRA expert Ed Slott of Ed Slott & Co.
Tax and IRA expert Ed Slott runs down the key options for managing your retirement accounts.
Tax and IRA expert Ed Slott says there’s a small positive with higher inflation: greater Roth conversion opportunities.
When you were a kid, and your mom asked you clean your room or pause your video game or come in for dinner, you likely told her some variation of, “in a minute” or “I’ll do it later.”
