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Husband sets up to have monthly withdrawals to satisfy 2021 RMD for traditional IRA. He dies mid-year. Elderly spouse will...

CPA and IRA expert Ed Slott joins host J.R. Whalen to explain the “Mega Backdoor Roth IRA Conversion,” a little-known...

Can you roll after tax money into a SIMPLE IRA after two years?

Client needs to make a series of systematic withdrawals from her IRA – 3 each @ $3600 so $10,800 total...

My client DOB is 12-3-1948. He is a participant in a 401k plan. He made a recent distribution thinking that...

In the May 17, 2021 Slott Report, we discussed the rules governing required minimum distributions (RMDs) from defined benefit (DB) plans, also known as “pension plans.” We said that DB plan payments usually have no problem satisfying the RMD rules, but there are two special rules that sometimes apply.

My client passed away and left her money to her nephew and sister in law in the Netherland’s. the annuity...

Could you provide some clarification regarding the option for a spouse beneficiary to keep the assets in a beneficiary IRA...

A surviving spouse has a number of options regarding how to deal with IRAs inherited from his or her deceased spouse. The age of both the deceased and surviving spouse will most often dictate the decision as to how to proceed. Typically, a surviving spouse who is age 59 ½ or older will do a spousal rollover with the assets. A spousal rollover allows the surviving spouse to consolidate the inherited IRA into her own, thereby minimizing future paperwork and confusion. She will have full and unfettered access to the assets (other than potential taxes due).

When you contribute to a traditional IRA you make a deal with Uncle Sam. You can get a tax deduction and tax deferral on any earnings in your IRA. However, eventually the government is going to want its share and will require funds to come out of these accounts. That is when you must start required minimum distributions (RMDs). You may not need the money and you may not want the tax hit. Here are some strategies that can help reduce your RMD.