You have contributed to your IRA for years. You have made wise and thoughtful investments. Maybe you have rolled over funds to your IRA from your company plan. You may now have a significant balance. So far, you have taken smart steps toward a secure future. Don’t stop your careful planning there. It is time to ask yourself an important question, “Who will inherit my IRA?”
This week's Slott Report Mailbag answers whether each separate Roth IRA needs its own five-year clock and if you can convert non-deductible Traditional IRA funds to a Roth IRA. Do you know the answers?
Can you name someone who lives in a foreign country as a beneficiary of your IRA? What happens when a non-citizen owns or inherits an IRA? We answer these frequently asked questions as the global economy continues to grow.
What does a trade bill have to do with retirement accounts? Well, buried deep inside one of the bills was a provision expanding the “Age 50 Exception” to the 10% early distribution penalty, beginning in 2016. Here's what you need to know.
Are you thinking about moving IRA funds? This recent Private Letter Ruling (PLR 201527050) issued by the IRS provides 3 useful lessons so you don't make these same mistakes.
This week's Slott Report Mailbag looks at how the qualified reservist distribution works and answers a question on whether to make non-deductible contributions to a Traditional IRA or Roth IRA.
Divorce is often an expensive endeavor, but sometimes there are steps you can take to minimize that pain. Take Ben Affleck and Jennifer Garner, for instance. This couple just hit the 10-year marriage mark, which brings these new retirement implications into play.
Elroy was a well-intentioned beneficiary who received bad advice. We detail Elroy's plight as IRA beneficiary, his loss in tax court and how you can avoid a similar fate when setting up an inherited IRA and splitting it after death.
As we all know, there are many tips and tricks to maximizing the tax code in the short-term at tax time and in long-term with your retirement account. However, when a loophole is being used by "too many" and the government is losing out on lost revenue, it has a good chance of being closed. Reporter Liz Weston spoke to Ed Slott about 3 loopholes that are in danger.
This week's Slott Report Mailbag examines Roth IRA contribution eligibility and how to avoid RMDs (required minimum distributions) by rolling a Roth employer plan to a Roth IRA.
