Laurence Tureaud, born May 21, 1952, is better known as Mr. T. He is an actor and a retired professional wrestler. He is famous for his roles as B. A. Baracus in the 1980s television series “The A-Team” and as boxer Clubber Lang in the 1982 film Rocky III.
Question:Can I satisfy my required minimum distribution (RMD) from my 401(k) by taking it from my IRA instead?
While the ability to recharacterize Roth conversions was eliminated years ago, Roth contributions can still be reversed. A Roth IRA contribution can be recharacterized to a traditional IRA, or vice versa. To recharacterize an IRA contribution, the IRA custodian will transfer the funds, along with the earnings or loss attributable (“net income attributable” or NIA), from the first IRA to the second IRA. The IRA custodian may be willing to calculate the NIA, or that responsibility could fall on the IRA owner.
Many of you are familiar with the tax advantages that Roth retirement accounts can bring. Although Roth contributions are made with after-tax dollars, the contributions grow tax-free, and earnings also come out tax-free after age 59½ if a five-year holding period has been satisfied.
QUESTION:Does the new $6,000 additional deduction for seniors under the One Big Beautiful Bill Act (OBBBA) also apply if the senior itemizes their taxes?Thanks,Robert
Summer of 2025 brought us the new season of the hit TV show “Love Island.” When a new contestant arrives on this popular reality dating show, its viewers know that "another hot bombshell has entered the villa." The summer of 2025 has also brought us the One Big Beautiful Bill Act (OBBA) and, with the new law’s arrival, another hot bombshell enters the tax-advantaged account villa. Trump Accounts now join the ranks of the many ways Americans can save using individual accounts.
Last week in Chicago, the Ed Slott and Company team hosted another successful 2-day advisor training program. A sellout crowd of over 260 financial professionals from across the country joined us for some intense IRA and retirement plan education. Topics included all things Roth, net unrealized appreciation (NUA), naming trusts as IRA beneficiaries, the new qualified charitable distribution (QCD) 1099-R reporting codes,
Question:I have a client who died last month. She would have been age 83 this year. She had an IRA. Her husband, age 87, was the beneficiary of the IRA. She did not take her required minimum distribution (RMD) for 2025 before she died. He intends to do a spousal rollover by transferring the funds to his own IRA. Does he need to take the RMD prior to moving the funds?
The One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025, includes a new savings vehicle for children called "Trump accounts." The rules surrounding these accounts are complicated, and many media outlets are reporting inaccurate information.Several types of contributions can be made to Trump accounts.
On July 4, 2025, President Trump signed into law the “One Big Beautiful Bill Act” (OBBBA). This mammoth domestic policy and tax law is hundreds of pages long and will impact many people in all kinds of ways. What does it mean for your retirement account? Here are 3 takeaways:
