Roth Conversions and Qualified Charitable Distributions: Today’s Slott Report Mailbag
QUESTION:How many times in one year can a person do a Roth conversion?Thank you.ANSWER:A person can do an unlimited number of Roth conversions in a year.
QCD
529 Plans and Qualified Charitable Distributions: Today’s Slott Report Mailbag
QUESTION:I have been funding a 529 account for over 15 years and no longer need to add deposits.Could I change the beneficiary to myself and then convert to a Roth IRA, assuming I have met the 5-year deposit hurdle as well? Has the government ruled on when the clock starts for the 15 years? Meaning, is it from when you open the account or does it restart when you change the beneficiary?
Time is Running Out for 2023 QCDs
If you are charitably inclined and have an IRA, you might want to consider doing a Qualified Charitable Distribution (QCD) for 2023. The deadline for a 2023 QCD is fast approaching. It is December 31, 2023, but many custodians have even earlier cutoffs. Don’t miss out on this valuable tax break. Here is what you need to know.
Bad Santa & The Grinch Offer Horrible IRA Advice – Part 2
The investment advisory firm of Bad Santa & the Grinch continues to disseminate misinformation and lousy, no good, rotten-to-the-core IRA advice. As we saw in “Bad Santa & The Grinch Offer Horrible IRA Advice – Part 1” (Slott Report, November 29), these two unsavory characters take great joy in fouling up not only your holiday, but also the qualified status of IRAs. Here are more fish bones, brown banana peels, coffee grinds and raccoon meals from their dented trash can of “IRA assistance.”
QCDs and the Roth 5-year Clock: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on X: @theslottreport QUESTION: My brother passed away in May 2023. He had a small...
4 IRA Tax Breaks for Which We Give Thanks in 2023
Thanksgiving is almost here! This is a time for us to gather together and express our gratitude for all the good things in our lives. When it comes to our retirement accounts, we frequently complain about the negatives, such as the many IRA rules that are way too complicated and confusing.
Still-Time-Left To-Do List
Year-end to-do lists are commonplace. The problem is, they always seem to get published in mid-to-late December. I can almost hear the collective “thanks for nothing” comment from readers as the information arrives too late to act upon. As we are still before Thanksgiving, here are a few year-end items to consider…before it really is too late.
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.
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...
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:
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