transfer

Clarifying the Rollover/Transfers Rules When an RMD Is Due

Monday, June 21, 2021
In the June 16, 2021 Slott Report, we discussed how an in-service distribution made in the year of separation from service can inadvertently create an excess IRA contribution if that distribution is rolled over when a required minimum distributions (RMD) is due. A related issue is how rollovers and transfers from 401(k) plans (or other company plans) and IRAs are treated differently when an RMD is required.
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Transferring a Roth IRA After Divorce – 3 Logical Considerations

Wednesday, February 17, 2021
Surprisingly, the rules governing what happens when an ex-spouse acquires a Roth IRA after divorce are unclear. There are no specific directions in the Tax Code or in the regulations. However, there is definitive guidance for a spouse who inherits a Roth IRA due to death. It makes sense to look to these rules after death for direction on how to process a Roth IRA transfer after a divorce. Of course, with no definitive route, this is only speculation until the IRS provides a roadmap.
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The Two-Year Holding Period for SIMPLE IRAs

Monday, June 03, 2019
SIMPLE IRAs are not so simple. One factor that makes SIMPLE IRAs tricky is that they are subject to unique rules, found nowhere else in the tax code, such as the two-year holding period. Two-Year Holding Period When does the two-year holding period begin? This is a question that often creates confusion. The two-year holding period begins with the date the employee’s first contribution is deposited to the SIMPLE IRA. It is not the date employment begins or even the date you become eligible to participate in the SIMPLE IRA plan. 25% Early Distribution Penalty Distributions taken from a SIMPLE IRA before age 59 ½ are subject to an early withdrawal penalty of 25% when withdrawn during the two-year holding period.
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