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I have a client who passed away and then ten days later, one of the three beneficiaries dies without accounts...

There is no doubt we have written about this topic in past Slott Report entries. Possibly many times. There is also no doubt that people continue to make this same error, over and over again. Such was the case recently when the Ed Slott team visited with 150-plus financial advisors from across the nation in Boston.

My clients have just received their divorce decree. Regarding the money in IRA’s it says. (the IRA has annuities in...

Question:I inherited an IRA in 2022 upon the passing of my father after he had already started his RMDs. I took a 2023 RMD from it in May 2023. Your website says I’m not required to take this RMD. I called the custodian to reverse it, but they said it can’t be done. Is this true?

On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to the 10-year payout period. Second, it extended the 60-day rollover deadline for retirement account owners born in 1951 who erroneously received distributions in 2023 that weren’t necessary because their first RMD year had been delayed from 2023 to 2024 under SECURE 2.0.

Pay taxes now or later is often a consideration when people decide how to save for retirement, but Congress decided the only option for some older Americans should be now for certain retirement accounts.

Pay taxes now or later is often a consideration when people decide how to save for retirement, but Congress decided the only option for some older Americans should be now for certain retirement accounts.

Stop contributing to your IRAs and 401(k)s? That has to be a typographical error. After all, traditional retirement planning has always preached maximizing contributions to tax-deferred individual retirement accounts and 401(k)s to build retirement savings.

I have some follow-up questions about the “Roth 401(k) Withdrawals after Age 55” September 2022 forum discussion. That discussion specifically...