Site search

The holidays are right around the corner, and 2022 is drawing to a close. The end of the year is always a busy time with retirement account deadlines and preparations for the arrival of a new year and the tax season. This year, it seems, has been even busier than usual for us. Here are four things we are talking about at the Slott Report during the final few months of 2022.

I’d like to have income tax withholding from a Roth IRA withdrawal before the end of this year. After having...

The ability to do a spousal rollover of an inherited IRA (from spouse) is not lost if the surviving spouse...

Hi, Can you confirm if someone has a variable IRA annuity. The cash surrender vaue is $62,000. The Actual present...

I’m an advisor, attended Ed Slott forum in Mpls,MN in June of 2022. Ed is the only person I TRUST...

Question: Good morning, I have a client who took out $100K from his SEP IRA and put the funds back in on 8/19/22 -- within 60 days from the distribution. The client has now called me and asked if he can take the same $100K out and move it to his Roth IRA and pay taxes on it. Is he allowed to do this, or do we have to wait until 2023 to do the conversion?

Is it appropriate to make a normal RMD that is due for the same year immediately following the death of...

Client died in 2018. He had named his living trust as primary beneficiary with spouse having 5% income option for...

As we’ve reported, the IRS recently said it would waive the 50% penalty on RMDs missed in 2021 and 2022 for IRA beneficiaries subject to the 10-year payout rule who inherited in 2020 or 2021. These waivers were announced in IRS Notice 2022-53. Although the Notice is not clear, it appears that beneficiaries are not required to take RMDs for years that the penalty waiver applies to. However, as things stand now, the grace period will end in 2023.

Apologies if this has been covered many times, but “Search” doesn’t seem to provide any links to the topic. I’ve...