Can I Open a Roth IRA and Fund it with my IRA?
This week's Slott Report Mailbag examines ERISA creditor protection differences for 401(k)s and IRAs and answers a consumer's question on funding a Roth IRA.
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Too Many Roth IRAs? It’s Time to Consolidate
A common strategy is to go through with smaller Roth IRA conversions or to convert different assets to different Roth IRAs. If you have done this over a number of years, you probably have more Roth IRAs than you know what to do with. Maybe it is time to consolidate. Here's why.
Can I “Superfund” a 529 College Plan For My Grandchild?
This week's Slott Report Mailbag looks "superfunding" a 529 college plan and goes a step further on a question answered in last week's mailbag on IRA annuities.
Relief for Victims of the Louisiana Floods: An Easing of Rules for Hardship Distributions and Loans from Employer Plans
On August 30, 2016 IRS released Announcement 2016-30 that allows for streamlining employer plan loan procedures and liberalizing hardship distribution rules for most employer plans. The following procedures are in effect until January 17, 2017 for victims of the storms and flooding in Louisiana that began on August 11, 2016.
Can I Convert an Annuity to a Roth IRA?
A holiday weekend version of The Slott Report Mailbag features questions concerning a 1099-R filing error, the possibility of converting an annuity to a Roth IRA and the viability of the often discussed (at least in this space) back-door Roth IRA.
Fix Your 60-Day Rollover Mistake! IRS Releases New Guidance
In one fell swoop, the IRS has just saved thousands of IRAs from the harsh bite of needless and accelerated taxation. On Wednesday August 24, 2016, the IRS released Revenue Procedure 2016-47, which allows you to complete a late 60-day rollover of retirement funds using a self-certification. Here's what this means for retirement account owners.
Can I Still Receive SEP Contributions If I Have to Take RMDs From It?
In this week's Slott Report Mailbag, we examine SEP IRAs (just like we did yesterday when outlining a major mistake to avoid), their yearly contribution deadlines and how they interact with required minimum distributions (RMDs).
What Should My Brother-in-Law Do With Pre- and After-Tax Retirement Funds?
This week's Slott Report Mailbag answers a consumer's question about how much community property rules tie into his and his wife's retirement accounts and works through Tom's brother-in-law's delicate strategy involving pre- and after-tax retirement funds.
The IRA Definition of Compensation
In order to make an IRA or Roth IRA contribution, you must have “compensation.” What exactly is the definition of compensation for IRA purposes? This article explains the various forms.
The Pitfalls of Transferring an Inherited IRA Account to a Non IRA Bank Account
This week's Slott Report Mailbag examines the RMD rules for business ownership after age 70 1/2 and the pitfalls of transferring an inherited IRA account to a non IRA bank account. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure.
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