minor beneficiaries

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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What You Need to Know if You Name Minor as Your IRA Beneficiary

Wednesday, August 02, 2023
Are you thinking of naming a child or grandchild as your IRA beneficiary? With the start of the SECURE Act in January 2020, the rules for inherited IRAs were upended. Prior to the enactment of the SECURE Act, naming a minor as a beneficiary was a good way to take advantage of the stretch IRA. A grandparent could name a young grandchild as their IRA beneficiary and distributions could be paid from the inherited IRA for decades over the long life expectancy of the beneficiary.
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Minors as IRA Beneficiaries

Friday, July 20, 2012
We frequently see situations where minors are the intended beneficiaries of IRA accounts or employer plans. It could be that grandparents want to benefit their minor grandchildren or it could be single parents who want to provide for their minor children. No matter what the circumstances, there are some issues when minors inherit retirement assets.
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RMDs and Roth IRA 5-Year Rules Highlight Mailbag

Thursday, April 12, 2012
This week's Slott Report Mailbag includes questions on required minimum distributions (RMDs) (what to take from what accounts) and the ever-popular Roth IRA 5-year rules...seriously, we get several questions on these ordering rules each week. Click to read this week's Q&A with our IRA Technical Consultant.
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Minor Beneficiaries Q and A

Wednesday, April 11, 2012
There are many questions and circumstances to discuss when dealing with minor beneficiaries. This question-and-answer session is aimed to fill in some of the blanks and start a discussion with your financial advisor based on a foundational depth of knowledge.
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