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I have a client age 69 that retired this month that has been contributing to his Roth 401k for many...

I have a client who turned 70-1/2 in 2020. Since she was going to have to start taking RMDs anyway…and...

Question: Is there any problem with someone who is self-employed and has an active SEP making a deductible SEP contribution and an IRA QCD after age 70 1/2? In this case, the QCD would come from the IRA while the SEP continues to be funded. Does any offset apply? Bill Answer: Hi Bill, This is an interesting question!

I have a client that opened a Roth IRA after done working and made yearly contributions for the last 10...

Both Roth 401(k)s and Roth IRAs offer the ability to make after-tax contributions now in exchange for tax-free earnings down the road if the rules are followed. However, there are some important differences between the two retirement accounts that you will want to understand. 1. Contributions limits are higher for Roth 401(k)s One major difference is in the amount that you may contribute. Your Roth IRA contribution is limited to a maximum of $6,000 for 2020 if you are under age 50.

When you file backdated 8606’s with the IRS to correct your after-tax IRA contributions, should you receive an acknowledgment of...

From Slott Oct newsletter – IRS Issues SECURE Act Guidance: The SECURE Act eliminated this rule beginning in 2020 and...

Good news! You can look forward to somewhat smaller required minimum distributions (RMDs) from your IRA and company retirement savings plan beginning in 2022. That’s because, on November 6, the IRS released new life expectancy tables that are used to calculate RMDs. The new tables are not effective until 2022. RMDs are waived for 2020, and RMDs for 2021 will be calculated under the current tables.

Good Afternoon, I have a client whos father had a state farm 401k, he passed leaving it to his wife,...

Good afternoon! Kudos to the slott team – thank you for all your help! I recently sat in on the...