The year was 1994 and my husband and I were in the market for our first house. I had my heart set on moving to the town where I grew up, a Chicago suburb with a quick commute into the city and charming vintage homes. My new husband, bless him, was willing to go along with that plan, even though it would mean living right by my mom and dad. He knew how much I loved them, and he loved them, too.
When Congress passed the Secure 2.0 Act in late 2022, retirement savers cheered at a host of changes in rules for required minimum distributions from tax-deferred accounts like IRAs.
Some of the changes are straightforward—such as raising the starting age for RMDs to 75 in 2033 from 73 today and 72 last year (and up from 70½ as recently as 2019).
Tax- and retirement-planning expert Ed Slott delves into qualified charitable distributions and donating appreciated securities.
Advisor recommendations on IRA rollover transactions are fiduciary advice under the Labor Department’s proposed new fiduciary rule, and “would fall within the scope of investment advice,” according to Ed Slott of Ed Slott & Co.
If you inherited an individual retirement account, the IRS waived penalties for some missed mandatory withdrawals this year. But there could be reasons to start taking them anyway, experts say.
New rules require withdrawals over 10 years, but there are options. Here are some tips to maximize your inheritance and avoid a big tax hit.
Advisors are “getting hammered” with one big year-end tax question from clients now, according to IRA and tax expert Ed Slott: Do I have to take a required minimum distribution for 2023?
While it “sounds simple,” Slott of Ed Slott & Co. relayed, RMDs “are confounding advisors this year like never before.”
The Ed Slott team answers thousands of IRA and work plan questions annually. Over time, certain inquiries repeat themselves. Here are the top 10 IRA and work plan confusions, along with the answers:
The IRS debunks some TikTok influencers’ tips to avoid paying taxes on trust income. Meanwhile, why a TikTok IPO could be a ‘unicorn of all unicorns.’
The last Tax Report examined a new law requiring greater use of Roth 401(k) plans by older, higher-earning savers, and it prompted a flood of questions from readers about traditional and Roth IRAs and 401(k)s and similar plans.
