Preparing for Inherited IRAs: This Week’s Q&A Mailbag
This week's Slott Report Mailbag looks into inherited IRAs, calculating RMDs, and 60-day rollovers.
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The 10% Early Distribution Penalty Exceptions – Know the Rules
This is a reminder that not all 10% early distribution penalty exceptions apply to all retirement plan distributions. Here are the three biggest mistakes that we see.
So You Think You Need to Name a Trust as the Beneficiary of Your IRA?
In two weeks I had three trusts come across my desk that were named as the beneficiary of the account owner’s IRA. The account owner had now died and the universal question was, “Now what?”
If You’re Over 70 1/2 Years Old and Still Working You Need to Know This
This week's Slott Report Mailbag looks into still working exceptions, RMDs, and IRA transfers.
Interesting Use of the QCD Strategy
Qualified Charitable Distributions (QCDs) are now a permanent part of the tax code. They allow individuals who are at least 70 ½ years old at the time of the transfer to directly transfer IRA funds to a qualifying charity. The individual gets no charitable deduction for these contributed funds, but, they do not have to include the funds in income. It is as if they completely disappear. It’s even better than investing with Bernie Madoff! But wait, there’s more. The QCD transaction can also satisfy a required minimum distribution (RMD) for the year. QCDs are capped at $100,000 per year, per IRA owner.
An IRA Rollover Quiz
Most people think it is easy to move their retirement assets. But is it? The following is a quick quiz. How many of these rollover questions can you get correct? The answers are at the end of the quiz.
This Week’s Q&A: Converting a Pre-Tax IRA to a Roth and More
This week's Slott Report Mailbag looks into converting and contributing to different IRAs, 401(k)s, and RMDs.
Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time
Here are the 11 things you need to know at tax time.
Things to Tell Your Tax Preparer During Tax Season
Any time you get a 1099-R for a retirement plan transaction, make sure you give it to your tax preparer. The IRS gets copies of your 1099-Rs, so they need to be included on your income tax return. They cannot be ignored, even if they are for a non-taxable transaction. How will your tax preparer know it is a non-taxable transaction? You have to tell him or her.
Can You Really Transfer That Penalty Free? This Week’s Q&A
This week's Slott Report Mailbag looks into IRA transfers and international transfers.
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