IRA Mid-Term Exam
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.
IRA
How to Lose an Inherited IRA and Gain a Big Tax Bill
Did you inherit an IRA from someone who is NOT your spouse? This is not uncommon. Maybe you inherited from a sibling or a parent or a friend. If this is your situation, proceed with caution! For nonspouse beneficiaries, a wrong move can result in disastrous consequences. So, take your time and do it right.
SECURE 2.0 Allows QCDs to CGAs
SECURE 2.0 expands qualified charitable distributions (QCDs) by allowing a one-time only QCD of up to $50,000 to a split-interest entity. As a result of this new rule, there is now a great opportunity to fund a charitable gift annuity (CGA) with a QCD.
Net Unrealized Appreciation (NUA) and See-Through Trusts: Today’s Slott Report Mailbag
Question:
Good afternoon. I am looking for some Net Unrealized Appreciation (NUA) help, please.
If someone does a rollover of company stock to an IRA, can she undo that rollover and then do an NUA transaction?
Thanks,
Alan
Top 10 IRA “Popular Confusions”
By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on X: @theslottreport The Ed Slott team answers thousands of IRA and work plan questions...
Beware of Investing IRAs in NFTs
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.
October 16: Deadline for Correcting 2022 IRA Contributions
Maybe you made a Roth IRA contribution for 2022 and then discovered your income was too high. Maybe you contributed to a traditional IRA but later discovered that the contribution was not deductible. You may have made an IRA contribution and just changed your mind. You’d rather contribute to a Roth IRA or maybe not contribute at all. There is good news if you act quickly. You can fix these issues by correcting your 2022 IRA contribution by the upcoming October 16, 2023 deadline.
“Mid-Air” Roth Conversions
If ever I was traveling from Los Angeles to Atlanta, I would choose a direct flight with no layovers. I want the most efficient route to my destination. Point A to Point B. Take off, land. Assuming no difference in ticket price and all things being equal, if another LAX to ATL itinerary included a stop in, say, Chicago, would there be any reason to take it? Why pass through another airport in another city when I can fly direct?
Rules for Inherited IRAs that May Surprise Nonspouse Beneficiaries
Many IRA assets will ultimately go to nonspouse beneficiaries. When these beneficiaries inherit the funds, special rules kick in. Inherited IRAs are not like your own personal IRA account. Here are seven rules for inherited IRAs that may surprise you if you are a nonspouse beneficiary:
Roth Conversions and Inherited Roth IRA RMDs: Today’s Slott Report Mailbag
Question:
Hello,
If you do a Roth conversion from an IRA, does that qualify as your required minimum distribution (RMD) for the year? Or is it separate and apart from the RMD?
Thank you,
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