IRA Blog
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IRA Beneficiaries and the Roth IRA Five-Year Rule: Today’s Slott Report Mailbag
By Sarah Brenner, JD Director of Retirement Education QUESTION: I am age 84. My IRA beneficiaries are my two children (ages 52 and 56) and my grandchild (age 8). Who is a non-eligible designated beneficiary (NEDB) and who is an eligible designated beneficiary (EDB)?...
Correcting an Excess IRA Contribution After the October 15 Deadline
By Sarah Brenner, JD Director of Retirement Education Excess IRA contributions happen frequently and for a variety of reasons. Maybe your income ended up being higher than expected and you were ultimately ineligible for the Roth IRA contribution you made. Maybe you...
Beneficiary RMDs: Calculation Basics
By Andy Ives, CFP®, AIF® IRA Analyst Although many IRA owners are required to take required minimum distributions (RMDs), much confusion remains as to how the RMD is calculated. Factors include whether the original IRA owner reached his required beginning date (“RBD”...
Health Savings Accounts and IRA Rollovers: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: I have a question regarding joint health savings accounts (HSAs). What happens if an HSA is shared with a spouse who is not yet eligible for Medicare? Can that spouse continue to contribute if they remain enrolled in a...
The Same-Property Rollover Rule Gets No Respect
By Ian Berger, JD IRA Analyst Many of you are probably aware of the 60-day rollover deadline and the once-per-year rollover rule. But there’s a third IRA rollover restriction you may be less familiar with: the “same-property rule.” The same-property rule is the Rodney...
5 Things to Know About HSAs at Age 65
By Sarah Brenner, JD Director of Retirement Education The unfortunate reality for many Americans is that medical expenses will be a large part of their expected budget in retirement years. Health Savings Accounts (HSA), which continue to grow both in numbers and in...
Can My Terminally-Ill Client Qualify For a Penalty-Free IRA Withdrawal?: Today’s Slott Report Mailbag
By Ian Berger, JD IRA Analyst QUESTION: I have a client who is age 52 and is being placed on hospice due to his battle with cancer. I understand that there is a provision in the SECURE 2.0 Act that allows individuals to withdraw from their IRAs prematurely without the...
Top 10 RMD Mistakes
By Andy Ives, CFP®, AIF® IRA Analyst IRA owners and retirement plan participants trip over the required minimum distribution (RMD) rules all the time. Bad advice is provided, misinformation is freely disseminated on TikTok, and sometimes smart individuals do...
Inherited IRAs and Roth IRA Portability: Today’s Slott Report Mailbag
By Sarah Brenner, JD Director of Retirement Education QUESTION: Are there any penalties/consequences/tax issues if I move money from a Roth IRA to start a new Roth IRA at another company? Thanks, Ramona ANSWER: Hi Ramona, Roth IRA funds are portable. There are no...