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Client has a IRA valued today at 1 million, plan is to transfer 200k of it to another IRA by...

Thinking of opening up a new solo 401(k) plan for 2023? Thanks to SECURE 2.0, you don’t have to rush to get it done by year end.A solo 401(k) is an excellent retirement savings vehicle for self-employed business owners with no employees (other than their spouse). That’s because the IRS says that a business owner with a solo (k) actually wears two hats – one as an employee and one as an employer. As an employee, he can make elective deferrals up to $22,500 for 2023, or $30,000 if age 50 or older.

Hello. I retired in 2019 but kept my qualified employer plan/401k. I started taking RMDs from the 401k in 2022,...

This is what I read on Pastors Wallet: The IRS says it’s still possible to claim a housing allowance even...

Advisors have two years to make big tax-saving moves for their clients, says Ed Slott. After that, a legislative window could close that opportunity forever.

A husband and wife are divorcing. The husband has a large IRA. The wife has no remaining IRA. The husband’s...

Grandfather who was 85 passed away in 2022 and was taking his RMDs. He left his son who was 55...

I was told by a Slott Newsletter reader that an IRA owner who has already taken their full RMD for...

I recently left my job with a 401K. I have three positions in the 401K: (1) Cash, (2) Mutual Funds,...

Question:My sister inherited an IRA from our mother (age 95 and died in 2019.) My sister took her RMDs (required minimum distributions) from this inherited account over her life expectancy. My sister died in 2021, leaving me as her beneficiary of this inherited IRA. My sister had already taken her 2021 RMD before her death. Not knowing, I took an RMD in 2022 by just dividing her 12/31/21 value by 10. Now I am uncertain what to do for my RMD in 2023. What schedule do I use now for the RMD in 2023? Also, does the account need to be depleted by the end of 2031 or 2032?