401(k)

Inherited IRAs and Net Unrealized Appreciation: Today’s Slott Report Mailbag

Thursday, August 01, 2024
QUESTION:I inherited both a traditional and a Roth IRA from my significant other (non-spouse) who passed away in 2021. He had started taking required minimum distributions (RMDs). I am less than 10 years younger than he was. Question is: do I or do I not have to empty both accounts within 10 years of his death? No one is giving me an answer one way or another.
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Five Things to Know About Roth 401(k)s

Monday, June 24, 2024
A recent survey found that over 80% of 401(k) plans now offer employees the option of making Roth 401(k) employee contributions. More and more employees are now taking advantage of that opportunity. (In this article, I use the term “Roth 401(k) contributions” to also include Roth employees made to 403(b) and municipal 457(b) plans.)
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Participation in Multiple Work Plans – It Can Be Done!

Monday, June 17, 2024
It is perfectly acceptable for a person to participate in multiple work plans in the same year (even at the same time). For example, a 401(k) and a SEP. Or maybe a 401(k) and another 401(k). However, care must be taken to follow IRS contribution limits and other guidelines. Unfortunately, people try to circumvent these rules all the time.
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Rollovers and Successor Beneficiary Rules: Today’s Slott Report Mailbag

Thursday, May 02, 2024
QUESTION:My client is terminating employment and rolling over the funds from his 401(k). He was told that the funds must be rolled over to a “rollover IRA” and kept separate from any other IRA funds that he has. He already has another IRA, and he just wants to roll over the funds to that IRA. Is that allowed?
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One 60-Day Rollover Per Year?

Wednesday, May 01, 2024
SCENARIO: In one calendar year, Jessie completes the following transactions:1. Takes a partial distribution from her 401(k) and does a 60-day rollover to an IRA. 2. Does a 60-day rollover from one traditional IRA to another traditional IRA.
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