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?
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.
By Ian Berger, JDIRA AnalystFollow Us on X: @theslottreport Here’s a question we get asked often: Say you retire in the...
Question:My brother died in 2020 and made me the beneficiary of an IRA he inherited from my sister who died in 2017. Can I continue to stretch the payments from this inherited IRA? If not, how soon do I have to empty it?
The cost of healthcare continues to climb. Are you frustrated with higher premiums and out-of-pocket costs? You are not alone. You may be looking for new strategies to handle these expenses. If you have not considered a Health Savings Account (HSA) before, now may be the time. Here are 3 questions to ask to determine if an HSA is right for you.
We answer some pretty complex IRA and retirement plan questions. Our newsletters and other Slott Report entries can get into the weeds on some tricky topics. The thing is, when you spend all your time in the deep end, it’s easy to forget there are new swimmers in the shallows, testing the waters for the first time.
Question:Can you please clarify a question I have about whether I should take a Roth IRA withdrawal? I am much older than age 59 ½, and my first Roth IRA was opened over 20 years ago. I now own a second Roth which holds recently converted funds from my 403(b) account. I am planning to make added Roth conversions over the next couple of years and pay the tax on these conversions. If I make a subsequent withdrawal from my Roth IRA, will it be tax- and penalty-free?
If you’re an IRA beneficiary subject to the 10-year payout period and would have had a 2024 required minimum distribution (RMD), you’re in luck. In IRS Notice 2024-35, issued yesterday (April 16), the IRS said it would excuse those RMDs.
You have carefully saved for retirement and now you have accumulated a substantial amount of funds in your IRA. At some point the funds that you have been putting away for years must come out. When you reach age 73 you must take a required minimum distribution (RMD) for that year and for every year thereafter.
QUESTION:Dear IRA Help,My mother passed away in April of 2023 and no required minimum distribution (RMD) was taken. The entire IRA account was paid out to the charity that was the beneficiary. Was there a requirement to take the RMD?Joe
