This week's Slott Report Mailbag examines how to title beneficiary IRA trusts and answers questions on moving non-IRA assets to inherited IRAs and accessing 403(b) funds and moving them to different accounts while still working.
You or your client has several retirement accounts. Can you take the required minimum distribution (RMD) from just one account? The answer is maybe. Let’s start with what you cannot do. You cannot take the RMD for one type of account from a different type of account.
This week's
Slott Report Mailbag looks at the delicate situation of moving retirement funds (either to another account or through distributions) when still employed. If you are nearing retirement and are looking long-term of your overall plan, these two questions could be applicable to your situation.
If you're receiving a distribution from your employer's retirement plan, such as a 401(k) or 403(b) plan, you have the choice to roll over those funds tax-free to an IRA. There are two ways to do that. Click below to hear more about each choice.
The latest TIAA-CREF survey finds that fewer than 1 in 5 Americas are contributing to an IRA, potentially missing tax and savings benefits. The survey, conducted by an independent research firm between February 13-16, 2014, showed that just 17% of respondents contributed or were contributing to an IRA in 2014 - down from 19% last year and 22% in 2012.
Not only are the holidays upon us, but it is time to make sure that required distributions (RMDs) from retirement plans are taken before year end (or before the cutoff date imposed by the IRA custodian). One question that comes up frequently is what RMDs can be added together. We answer this in detail below.
This week's Slott Report Mailbag answers questions about inherited IRAs and naming a trust as the beneficiary of employer plan retirement assets. This to read a Q&A with our IRA Technical Expert.
What happens when you or your client inherits more than one IRA? Can they be combined into one account? Do you have to take required minimum distributions (RMDs) from each account separately or can the distributions be aggregated? The answer will depend on who the inherited account came from as well as what type of account it is.
While many Americans aren't saving enough for retirement, there are others who are saving a lot (true story). In fact, some of you have asked whether it's possible to contribute to more than one retirement plan for the same year. See the answer below.
Summer is almost here, as the unofficial start to the summer season begins with Memorial Day weekend. To celebrate, we open some IRA, tax and retirement planning mail and answer several of your most pressing questions. This week's Slott Report Mailbag looks at some intricate IRA issues along with a question about the provisions in the new tax law.
