The Slott Report

By Sarah Brenner, JDDirector of Retirement EducationFollow Us on X: @theslottreport Question: I need guidance on a new client with the...

By Sarah Brenner, JDDirector of Retirement EducationFollow Us on X: @theslottreport What do you get when community property mixes with your...

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.

By Ian Berger, JDIRA AnalystFollow Us on X: @theslottreport Question: Can a QCD (qualified charitable distribution) be made from a 401(k)...

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.

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.

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?