Ian berger

Former Baltimore Top Prosecutor Convicted of Lying on Coronavirus Withdrawal Application

Wednesday, November 15, 2023
Remember coronavirus-related distributions, or “CRDs”? Passed as part of the CARES Act in March 2020, CRDs were special distributions designed to help people who contracted COVID or had financial hardship caused by the pandemic. IRA owners or company plan participants who qualified as “affected individuals” could take CRDs of up to a total of $100,000 anytime during 2020.
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SECURE 2.0’s Biggest Mess

Monday, November 06, 2023
Of the 92 provisions in the SECURE 2.0 legislation, signed into law last December, by far the most challenging is section 327. Section 327 changes the distribution rules for spouse beneficiaries of IRA (and workplace plan) account holders and is effective January 1, 2024.
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The Pro-Rata Rule and Minor IRA Beneficiaries: Today’s Slott Report Mailbag

Thursday, November 02, 2023
Question: Dear Mr. Slott, I made $40,000 additional non-deductible (after taxes) contributions to my IRA many years ago. I have filed IRS Form 8606 every year informing the IRS of the contributions. I would like to withdraw the $40,000 this year so that when I have to take my RMDs next year, the reporting to the IRS will be simpler.
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James Caan’s Estate Gets Whacked Over the Same-Property Rollover Rule

Wednesday, October 25, 2023
You may not be familiar with the tax code’s “same-property rule” that applies to IRA-to-IRA (and Roth IRA-to-Roth IRA) rollovers. The rule requires that the property received in an IRA distribution must be the same property that is rolled over. If you receive cash, you have to roll over cash.
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IRA Mid-Term Exam

Monday, October 16, 2023
The Investment Company Institute (ICI) is an association representing mutual fund companies and similar investment companies. Each year, ICI conducts a survey of the prevalence of IRAs in American households.
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Beware of Investing IRAs in NFTs

Wednesday, September 20, 2023
If you are thinking of buying an NFT (non-fungible token) with your IRA funds, you may want to reconsider. In Notice 2023-27, the IRS said that NFTs associated with “collectibles” are prohibited IRA investments. This could expose you to significant taxes and penalties.
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More on the Roth Catch-Up Contributions Delay

Monday, September 11, 2023
The August 28, 2023 Slott Report summarized IRS Notice 2023-62, where the IRS delayed the effective date of the SECURE 2.0 rule requiring catch-up contributions by higher-paid older employees to be made on a Roth basis.
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