If you have an IRA, you probably are aware that when you reach retirement, there are rules requiring annual distributions. You may have questions as to when these distributions must begin. The rules can be confusing! Here is what you need to know about when you must start taking required minimum distributions (RMDs) from your IRA.
In the past few weeks, there has been upheaval in Congress. With the retirement of House Speaker, John Boehner, the Republicans in the House of Representatives are struggling to elect and unite behind a new Speaker of the House. This turmoil has far-reaching consequences as Congress has a packed legislative agenda and the end of 2015 is rapidly approaching. If you are an IRA owner considering a Qualified Charitable Distribution (QCD) for 2015, Congress' disorder has implications for you.
This week's Slott Report Mailbag answers a question about the IRA rollover procedure compared to trustee-to-trustee transfers and examines the Back-Door Roth IRA strategy. Open this week's mail to read the answers to questions about these two key IRA planning processes.
IRA rollovers are subject to many rules. One of them is the 60-day rule. You have probably heard of this deceptively simple sounding rule, which has caused tax headaches for countless IRA owners. To avoid suffering a similar fate, here are 6 facts about the 60-day rule you should know to be sure your intended rollover goes smoothly.
IRAs are designed to be used for retirement savings. Ideally, to maximize the benefits of these accounts, you should not touch these funds before reaching retirement age. However, in the real world, you may need money and consider tapping your IRA earlier. If you do, you should be aware of the 10% early distribution penalty. This penalty is assessed on early distributions from IRAs, in addition to any taxes you may owe. Here are ten things you should know about the 10% early distribution penalty and IRAs.
With the Roth recharacterization deadline approaching (October 15), this week's Slott Report Mailbag answers a great question about the 30-day waiting period on reconverting funds after a recharacterization and further clarifies a reader's question on utilizing the stretch IRA.
An article titled “If You Have Savings In Your 20s, You’re Doing Something Wrong” has recently gone viral. The article, which got over two million likes on Facebook, suggests that saving for your future in your twenties is a bad idea. It suggests that if you are in your twenties, you would be better off going out, spending money and enjoying life rather than saving for the future. We explain why you don't have to take an all-or-nothing approach to savings decisions in your 20s.
This week's Slott Report Mailbag looks at QLACs (qualified longevity annuity contracts) and whether an inheritor of several IRAs can take all of his or her RMDs (required minimum distributions) from one of the inherited IRAs.
Are you named as a beneficiary on an IRA? It probably is not your intention to have a large portion of that inherited IRA go to taxes. How can you avoid this unfortunate outcome and maximize your IRA tax advantages? What is the most important thing you need to know as an IRA beneficiary?
This week's Slott Report Mailbag answers questions on the tax "sweet spot" in retirement, the tax and penalty impact on a non-spouse beneficiary's inherited Roth IRA distributions and the future of the stretch IRA.
