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IRA Blog

THE UNPLEASANT SURPRISE OF THE ACCURACY-RELATED PENALTY

By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport If a retirement account transaction becomes a taxable distribution, you probably know you will owe taxes and possibly the 10% early distribution penalty (if under age 59 ½) on the distribution. But...

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RMDS & ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Question: My husband is the sole beneficiary of a Traditional IRA owned by his cousin, who recently  passed away. From my research, I believe my husband fits the exception criteria of "eligible...

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INHERITED IRA Q&AS

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Each week the Ed Slott team answers questions from financial advisors across the country. Sometimes we see a pattern in repeating questions, sometimes the questions are relatively basic, and...

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FOUR THINGS TO KNOW ABOUT YOUR PLAN ROLLOVER AND YOUR RMD

By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport Many Americans are still working long beyond what has traditionally been retirement age. This may be a choice or a necessity. If this is your situation, you may be keeping...

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DIRECT TRANSFERS, DIRECT ROLLOVERS, AND 60-DAY ROLLOVERS

By Andy Ives, CFP®, AIF® IRA Analyst When moving retirement money from IRA to IRA, or from a workplace retirement plan like a 401(k) to an IRA, there are essentially three methods to relocate those dollars. Two of them are similar, and the third opens all kinds of...

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REPAYING A CRD

By Sarah Brenner, JD Director of Retirement Education Back in 2020 when COVID first became our new reality, Congress enacted the CARES Act. The CARES Act allowed qualified individuals who were affected by COVID to take penalty-free distributions from their retirement...

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SIDESTEPPING THE NEW IRS PRIVATE LETTER RULING FEES

By Ian Berger, JD IRA Analyst Like most everything else these days, the price for receiving an IRS private letter ruling (PLR) has recently gone up. A person will request a PLR to receive the IRS’s blessing that a specific tax transaction won’t violate the tax code or...

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