Mailbag

Ed Slott’s Elite Advisor Group℠ Meets in Indiana

Ed Slott's Elite IRA Advisor Group℠ gathered in Indianapolis last week for another successful conference. Over 350 member advisors from across the country spent two intense days of training, covering topics ranging from SECURE 2.0 provisions taking effect in 2024 to fixing excess contributions.

A Cheat Sheet for IRA Beneficiary RMDs

It’s been over four years since the SECURE Act upended the rules for beneficiary IRA required minimum distributions (RMDs), and there’s still plenty of confusion about the new rules. The IRS did give us proposed SECURE Act regulations in February 2022, but those rules still haven’t been finalized. They have also raised a lot of new questions.

Your RMD Is Not Eligible for Rollover

If you are at retirement age, you might be at a high risk for excess contributions due to rollover mistakes. This is because of the rule that says that the required minimum distribution (RMD) for the year cannot be rolled over. In fact, the RMD for the IRA must be taken before any of the funds in the IRA are eligible for rollover.

One 60-Day Rollover Per Year?

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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Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.