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ERC credits would be the first satisfying thing after the pandemic, but what government say about it?

When doing a backdoor Roth all IRA’s are considered so often it doesn’t make sense if you have other IRA’s...

Question: Greetings, If I have the beneficiaries on my IRA listed as my wife (50%) and two children over 21 (50%), is my wife still able to move her half of the IRA into her existing IRA when I am gone? Or does having the adult children as partial beneficiaries inhibit her ability to do a spousal rollover to combine it with her existing IRA?

Are you thinking of naming a child or grandchild as your IRA beneficiary? With the start of the SECURE Act in January 2020, the rules for inherited IRAs were upended. Prior to the enactment of the SECURE Act, naming a minor as a beneficiary was a good way to take advantage of the stretch IRA. A grandparent could name a young grandchild as their IRA beneficiary and distributions could be paid from the inherited IRA for decades over the long life expectancy of the beneficiary.

8 years ago 2015 I contributed to first Roth Ira. Had a problem with Roth contribution limit so had to...

We have a client whose father passed away in 2019, pre-Secure Act. He listed his Trust as the IRA beneficiary,...

New rules for inherited IRAs could leave some heirs with a hefty tax bill. In the first quarter of 2023, Americans held more than $12 trillion in IRAs. If your parents saved diligently throughout their lives, there’s a good chance you’ll inherit some of that money.

28-year-old taxpayer wants to convert funds from INHERITED IRA (Death occurred in 2019) to a Roth IRA. She does not...

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.