This week's Slott Report Mailbag really strikes at the importance of proactive planning. One concerned consumer is worried his mother won't receive any of her deceased husband's IRA and others are inquiring on taxes, penalties and transfers. Retirement planning, IRAs and the nuances that come with them are so important to all families. We hope you are enjoying the summer and learn something from the questions, answers and situations below.
Ed Slott answered a consumer question about Roth IRA contributions and conversions in this installment of IRAtv. America's IRA Expert details the differences, limits and processes involved with Roth IRA contributions and conversions.
Can you believe it? We're now 7 full months into 2012 already. And while there's more fun in the sun to be had before summer comes to an end, August has traditionally signaled the start of the back to school season. With that in mind, we thought we'd spend a little time talking about the educational expense exception to the 10% penalty.
Two Slott Report Mailbags in one week?! Yes, we are here a day earlier than normal to answer a few consumer questions (they are piling up) on IRA rollovers, IRA beneficiaries and naming minors as IRA beneficiaries.
Are you inheriting an IRA? Here is a quick checklist for you. This list is designed for individuals who inherit as named beneficiaries. Some items will be different for a spouse beneficiary or if an estate or a trust inherits an IRA.
We frequently see situations where the estate is the IRA beneficiary either because the beneficiary form was never completed, has been lost by the IRA custodian, or, worst of all, the account owner actually named the estate as the beneficiary of the IRA. What options do you have when the estate inherits the IRA? We explain below.
Welcome to this month's installment of Are You an IRA Expert? Always thought you knew more than the next guy about IRAs and retirement accounts? Well now’s your chance to prove it. Below are three questions, ranging from beginner to expert. Test your IRA skills by trying to get all three right!
Even though the 2011 tax season for most of us ended on April 17, 2012, some of us who made a timely IRA contribution for 2011 might have changed our mind on that IRA contribution. Specifically, some individuals who contributed to one type of IRA for last year may now want to change that contribution into a different type of IRA contribution.
We frequently see situations where minors are the intended beneficiaries of IRA accounts or employer plans. It could be that grandparents want to benefit their minor grandchildren or it could be single parents who want to provide for their minor children. No matter what the circumstances, there are some issues when minors inherit retirement assets.
This week's Slott Report Mailbag includes questions on the 10% penalty, using a portion of transferred funds to pay the tax on a Roth conversion and a controversial topic (see question #3 for that). Click to read a Q&A with our IRA Technical Consultant.
