WHAT YOU NEED TO KNOW IF YOU NAME MINOR AS YOUR IRA BENEFICIARY

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport   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....

ROTH CONVERSION CONFUSION – TAXES WITHHELD WHEN UNDER 59 ½

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport   There is no doubt we have written about this topic in past Slott Report entries. Possibly many times. There is also no doubt that people continue to make this same error, over and over...

INHERITED IRAS AND ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Question: I inherited an IRA in 2022 upon the passing of my father after he had already started his RMDs. I took a 2023 RMD from it in May 2023.  Your website says I’m not...

HELP A YOUNG PERSON USE SUMMER EARNINGS TO START A ROTH IRA

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Is your child or grandchild working hard this summer? A summer job can be a valuable experience for a young person. Whether it is making smoothies, serving tables, or being a...

Q&AS ON RECENT IRS RMD RELIEF

By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to...

BACKDOOR ROTH IRAS AND BENEFICIARY RMDS: TODAY’S SLOTT REPORT MAILBAG

By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport Question: Hi, I have a question regarding solo 401(k)s. Does a solo 401(k) contribution affect the pro-rata rule when considering a backdoor Roth IRA? Best, James Answer: Hi James, No. 401(k) assets...