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Please tell me if I am correct…. Husband had an old 401K which he rolled over to traditional IRA at...

I have a client who has a large IRA (not SEP). Each year he funds his SEP-IRA after we determine...

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal – at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to be rolled over to either another plan or IRA. The RMD always had to be taken first. If an RMD was erroneously rolled over, it was an excess contribution and the appropriate fix-it steps had to be followed. But those hard-and-fast rules are no more for 2020. As we have written in the Slott Report, the “Coronavirus Aid, Relief, and Economic Security Act,” or the “CARES Act,” was signed into law on March 27. The Act includes a waiver of RMDs for this year from company savings plans and IRAs. In addition, the CARES Act impacts 2019 RMDs for those who reached age 70 ½ in 2019 and have a required beginning date of April 1, 2020.

I own a TIRA (or 401k, or 403b, or 401a, or Roth IRA). I withdraw $1,000 on 4-6-2020 as a...

Inherited IRA rules state that while a trust generally cannot be a designated beneficiary, if a given trust is a...

Hello, I have a client under age 50 that had been contributing $250 semi-monthly into her Roth IRA in 2019...

NEW YORK, April 1, 2020 -- The 2020 edition of Ed Slott's Retirement Decisions Guide,a book by Ed Slott, CPA, America's IRA Expert, founder of Ed Slott and Company, LLC and creator of irahelp.com, has been revised to incorporate information about the new retirement tax laws implemented following the passage

I was just furloughed from my job after 15 yrs. due covid-19. I discovered as I was filling out my...

Odd that a distribution occurring on Thursday, December 31, 2020 will not qualify as a coronavirus-related distribution. Seems like a...

The coronavirus has disrupted life throughout America, but various common-sense tips can help keep your finances under control.  Fortunately, most...