Retirement plan funds are designed for retirement, but Congress continues to make it easier for employees to pull out those funds while still working. The SECURE 2.0 law adds several new in-service withdrawals that can be made from 401(k), 403(b) and 457 plans.
Question:I have a client who is under age 59 ½ with a small traditional IRA. She wants to cash it in and use the funds for college education for her daughter. If I remember correctly, they can use this without a 10% penalty.
IRAs are an important, but often overlooked, part of your overall tax planning. As the deadline for filing 2023 tax returns approaches, it is a good time to incorporate your IRA plan strategies with your overall tax plan.
By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on X: @theslottreport The same conversation has, understandably, been repeated many times. The questions are...
By Ian Berger, JDIRA AnalystFollow Us on X: @theslottreport Question: Hi Ed, I have Coverdell ESA accounts for my 5 grandchildren. My...
By Ian Berger, JDIRA AnalystFollow Us on X: @theslottreport Congress has determined that 401(k) and other company plan funds, with certain...
The Tax Court recently ruled that the new SECURE 2.0 statute of limitations (SOL) on the 6% excess IRA contribution penalty is not retroactive.
QUESTION:How many times in one year can a person do a Roth conversion?Thank you.ANSWER:A person can do an unlimited number of Roth conversions in a year.
Year after year, many of the same IRA errors happen again and again. Based on the volume of times these mistakes occur, it seems appropriate to create a short list of repeat offenders…and offer some advice on how to properly move forward. In no particular order, here is a handful of common IRA mistakes, along with the proper corrective measures.
We have covered in The Slott Report the new SECURE 2.0 provision that allows unused 529 plan funds to be rolled over to Roth IRAs. It originally appeared that this new rule was to be effective for 2024. However, the IRS has now said that rollovers done before April 15, 2024 can count as Roth IRA contributions for tax year 2023 if the 529 beneficiary has not already maxed out on his 2023 IRA contribution limit.
