In this week's Slott Report Mailbag, we answer questions on IRA rollovers with pre-tax and after-tax money, 401(k) plans without a beneficiary, and if an IRA and deferred annuity can be grouped together for RMD purposes.
In order for you to make a contribution to a Roth IRA for the year, you must have compensation and adjusted gross income within certain limits. If you’re married and filing jointly with your spouse, even if only one of you has compensation, you might both be eligible to contribute to a Roth IRA using the spousal IRA contribution rules.
Do I have an RMD from my Employer Plan? For most people this is an easy question. If you are no longer working for that employer and are 70 ½ or older this year, yes, you have a required minimum distribution (RMD) from your employer plan. What if you are over 70 ½ and still working? Do you have to take an RMD from your employer plan? Maybe.
In this week's Slott Report Mailbag, we answer questions on if money from a QDRO can be directly rolled over into the other spouse's 401(k), the RMD requirements for inherited Roth IRAs, and if the 5-year rule for distributions applies to IRA beneficiaries.
Yesterday, the IRS released IRS Announcement 2014-32, providing updated guidance on the once-per-year IRA rollover rule.This guidance is extremely important and impacts anyone with more than one IRA and Roth IRA... combined!
There’s a lot of confusion about the retirement plan and IRA rules. Recently, we were made aware of two cases where the attorneys didn’t know how an IRA should be split in a divorce and incorrectly used the employer retirement plan rules when drafting the documents used to divide the IRA.
After either a divorce or a remarriage, it is time to check your beneficiary forms.
If you hold illiquid assets inside an IRA, here are three potential solutions to consider that can be used to help you avoid any RMD problems once you turn 70 ½.
If you have a Roth IRA, you may want to move it to a different IRA custodian. Whatever the reason, you can move your Roth IRA funds to another Roth IRA at any time. There are two ways to do that; using a rollover or a transfer.
We are down to the last two months of the year. It is time for those who have required minimum distributions (RMDs) from a retirement plan to make sure that those distributions are taken. Following is a list of those who have required distributions for the year.
