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 Roth IRA is the ultimate financial gift for retirees and their beneficiaries. Roth individual retirement accounts have no lifetime required minimum distributions, so you’ll never have to worry about paying higher future tax rates on those funds.
IRS released Notice 2023-62 on Friday giving employer retirement plans two additional years to comply with the controversial rule requiring that catch-up contributions for employees age 50 or over whose wages for the prior year exceeded $145,000 be made on a Roth basis.
When life as we knew it was put on hold in March 2020, so were federal student loans. The coronavirus had prompted broad shutdowns that reduced health risks but created financial hardships.
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.
