IRA

New Rule: All IRA RMDs Must Be Satisfied Prior to Doing a Roth Conversion

Yes, you read that title correctly. This rule was confirmed in the 2024 final SECURE Act regulations, released this past July. If a person has multiple IRAs, even if they are held at different custodians, the total aggregated IRA required minimum distribution (RMD) must be withdrawn before any Roth IRA conversion (or 60-day rollover) can be completed.

3 IRA Tasks to Complete by the End of 2024

The year 2024 has flown by and the holidays season will soon be upon us. That means time is running out on year-end IRA deadlines. You will want to be sure to get the following three IRA-related tasks done sooner rather than later to avoid penalties and missed opportunities:

Inherited IRAs and the Once-Per-Year Rollover Rule: Today’s Slott Report Mailbag

Question:I disclaimed one of my spouse's IRAs and it went to our two adult children. They are withdrawing RMDs from this account as well as contributing to their own Roth and IRA accounts. Are there any rules regarding whether the inherited required minimum distribution (RMD) must be taken prior to contributing to your own account?Jeanne

Higher Catch-Up Contributions Available for Certain Older Employees Starting in 2025

The year is flying by, and before we know it 2025 will be here. With the arrival of the new year, several new provisions from the 2022 SECURE 2.0 law that impact retirement plans will become effective. One of the changes allows certain older participants in company savings plans and SIMPLE IRAs to make higher catch-up contributions.

You Missed the October 15 Deadline to Correct an Excess IRA Contribution – Now What?

October 15, 2024 has come and gone. This was the deadline for correcting 2023 excess IRA contributions without penalty. If you missed this opportunity, you may be wondering what your next steps should be. All is not lost! While you may not have avoided the excess contribution penalty for this year, you can still correct the issue for future years.

Nuances of NUA

By Andy Ives, CFP®, AIF®IRA Analyst We have written about the net unrealized appreciation (NUA) tax strategy many times. Generally,...

Tax Filing Relief  and Retirement Account Withdrawal Options for Hurricane Victims

Victims of Hurricane Helene have at least a glimmer of good news when it comes to their tax filings and ability to withdraw from their retirement accounts for disaster-related expenses.The IRS usually postpones certain tax deadlines for individuals affected by federally-declared disaster areas.  On October 1, the IRS announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. Generally, the IRS extended the deadline to file certain individual and business tax returns and make tax payments until May 1, 2025. It is likely the IRS will provide similar relief for victims of Hurricane Milton.

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