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Roth IRAs: Not Always the Right Move

• No Contribution Allowed
• Reasons Not to Convert
  1. Inability to Pay the Tax Bill
  2. Immediate Financial Needs
  3. Exposure to Stealth Taxes
  4. Losing Financial Aid
  5. Missing Out on Future Tax Breaks
  6. Charity as the Beneficiary
  7. Roth Skeptics
• A Nuanced Approach to Roth IRAs

Executive Summary

IRS Cracks Down on NFTs in IRAs

• IRAs Invested in Collectibles
• IRS Notice 2023-27
• NFTs in Roth IRAs
• Prohibited Transaction Risk
• Conclusion

GUEST IRA EXPERT: Dennis J.

SECURE 2.0 Makes Changes to RMD and Excess Contribution Penalties

• RMD Penalty Changes
• Excess Contribution Penalty Changes
• The Takeaway

Executive Summary

Insert: 2023 HSA Chart

Unsolved Mysteries of SECURE 2.0

• Drafting Errors
• 529-to-Roth IRA Rollovers
• New Exceptions to the 10% Penalty
• Other Unresolved Issues ρ Conclusion

GUEST IRA EXPERT: Ryan McKeown,

Learning from Other People’s Mistakes

• Bobrow Case: One Rollover per Year
• One Rollover, Three Mistakes
• Mulhern Case: Replacing Mandatory Tax Withholding
• Kirkpatrick Case: How NOT to Divide an IRA After Divorce
• A Prenup Does NOT Qualify as Spousal Consent
• Spousal Rollover vs.

Roth IRA Conversion for All Ages

• Roth IRA Conversion for Younger Savers
• Midlife Conversion Opportunities
• Too Old to Convert?

Why the Required Beginning Date Is More Important than Ever

• What Is the RBD?
• The RBD and Annual RMDs During the 10-Year Period

• Other Reasons Why the RBD Is Now Important
• Conclusion

 

Executive Summary

The Often-Misunderstood “Rule of 55”

Too Much of a Good Thing?

• No-Longer-Deductible IRA Contributions
• Excess Contributions
• Fixing an Excess Contribution After the Deadline

• Conclusion

Executive Summary

Consolidating Accounts to Simplify Retirement

• Benefits of Consolidation
• Consolidating with an IRA Rollover ρ Portability Limits
• Advisor Action Plan

Insert: Retirement Account RMD Aggregation Chart

GUEST IRA EXPERT: Don Graves,

Transferring Roth IRAs After a Gray Divorce

• Two Methods for Tax-Free Transfer
• Transfer of Roth 5-Year Forever Clock
• Transfer of 5-Year Clock for Roth Conversions
• Pro-Rata Transfer of Assets
• Tracking 5-Year Clocks in the Receiving Roth IRA

Executive Summary

Maximize IRA Contributions by Avoiding These 6 Common Misconceptions

1. I Am Too Late
2. I Am Too Old
3. I Don’t Have Any Earned Income
4. I Can’t Afford to Contribute
5. My Income Is Too High
6. I Have a Retirement Plan at Work

Insert: Tax Planning Charts

GUEST IRA EXPERT: Bill Upson,

Top IRA Rulings of 2020

• Three Stars for SECURE
• Fiduciary Income Tax Experts ρ Lifting Life Insurance
• Relying on Roth
• Matters of Trust
• SECURE Strategies
• IRS Actions
• Court Cases
• Private Letter Rulings

Summary of Key Rulings

 

Important Retirement Account Deadlines Loom

• Returning Unwanted RMDs After August 31
• Small Business Retirement Plan Deadlines
• Excess IRA Contributions and Recharacterization
• Coronavirus-Related Distributions
• Qualified Charitable Distributions
• Net Unrealized Appreciation

Executive Summary

IRS Issues SECURE Act Guidance

• IRA Contributions After Age 701⁄2
• Penalty-Free Distributions for Birth or Adoption
• More Areas of Guidance
• Further Guidance Needed

GUEST IRA EXPERT: Brad Pistole, 

WHAT’S INSIDE

 

IRS Updates Qualified Plans’ Rollover Notie: Use This to Your Clients’ Advantage

• Extended Rollover Period for Plan Loan Offsets

• Exceptions from the Early Distribution Penalty
• Self-Certification for Late 60-Day Rollovers

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