This week's Slott Report Mailbag answers a question about the IRA rollover procedure compared to trustee-to-trustee transfers and examines the Back-Door Roth IRA strategy. Open this week's mail to read the answers to questions about these two key IRA planning processes.
As part of your estate plan, you may be considering leaving some of your assets to a charity. This is a fairly common part of many estate plans, and is often shaped by one’s experiences during life. Certainly, leaving money to a charitable organization as part of your last request is commendable no matter how you decide to go about doing so. That said, if you’re going to do it, you should do it wisely.
This month's Ruling to Remember examines the case of a former plan administrator with the United Public Workers (UPW) Mutual Aid Trust Fund who was convicted of multiple crimes and used funds in a rollover IRA to pay the fine and restitution. What comes next is several judgments and disagreement over tax liability.
IRA rollovers are subject to many rules. One of them is the 60-day rule. You have probably heard of this deceptively simple sounding rule, which has caused tax headaches for countless IRA owners. To avoid suffering a similar fate, here are 6 facts about the 60-day rule you should know to be sure your intended rollover goes smoothly.
There are two important dates in October, the 15th and the 31st. Read on to learn more about these deadlines and dates to put on your calendar.
One of the most common questions asked by people approaching their mid 60’s is, “When do I have to sign up for Medicare?” For most people, the short answer is, “when you turn 65.” Here's why.
IRAs are designed to be used for retirement savings. Ideally, to maximize the benefits of these accounts, you should not touch these funds before reaching retirement age. However, in the real world, you may need money and consider tapping your IRA earlier. If you do, you should be aware of the 10% early distribution penalty. This penalty is assessed on early distributions from IRAs, in addition to any taxes you may owe. Here are ten things you should know about the 10% early distribution penalty and IRAs.
We are beginning a new monthly feature - a content creation stream of each month's best retirement and retirement planning facts and figures. Before each fact, you’ll find my own brief commentary, and after each fact, you’ll find the original article from which the fact was pulled should you be interested in further reading.
With the Roth recharacterization deadline approaching (October 15), this week's Slott Report Mailbag answers a great question about the 30-day waiting period on reconverting funds after a recharacterization and further clarifies a reader's question on utilizing the stretch IRA.
A question we are frequently asked is, "can I convert my inherited retirement plan funds to an inherited Roth IRA?" The answer is no – and yes. The explain when you can and when you can't in today's article.
