2025 Year-End Retirement Account Deadlines
The end of the year always brings a flurry of retirement account deadlines and planning opportunities. This year is no different. And, new for 2025, the One Big Beautiful Bill Act (OBBBA) brings new considerations, especially for Roth conversion planning. Correcting IRA Contributions. The year 2024 may seem long gone, but for IRA owners who […]
Qualified Distributions and Successor Beneficiaries: Today’s Slott Report Mailbag
Question: Dear IRA Help, Here is my specific case. I am 84 years old. I opened a Roth IRA on March 30, 2020, with a conversion. I started withdrawing from this conversion on March 10, 2025. Did I satisfy the requirements to have a qualified distribution? My brokerage firm is saying that they will […]
Do QCDs Actually Reduce AGI?
It has come to our attention that confusion exists as to how qualified charitable distributions (QCDs) impact one’s taxes. It is said that QCDs can reduce adjusted gross income (AGI). But is this true? Yes, it is true…but there is more to the story. Simply “doing a QCD” is not a magic AGI-reduction bullet. First, recognize […]
Trump Accounts and the Pro-Rata Rule: Today’s Slott Report Mailbag
Question: We have two grandchildren. One is 18 years old now, and the other will turn 18 next January (2026). Can you help me understand what I can do for each under the new Trump account rules? Ollie Answer: Hi Ollie, You will probably be unable to contribute to Trump accounts for either grandchild. […]
Avoiding the 10% Early Distribution Penalty for Certain Hardship Withdrawals
Most 401(k) plans (as well as 403(b) and 457(b) plans) offer hardship withdrawals while you are still employed. If the withdrawal comes from a pre-tax account, it will be taxable. And, if you’re under age 59½, it will also be subject to the 10% early distribution penalty – unless one of the exceptions to that […]
Tapping an ESA for Back-to-School Expenses
It’s August and that means it is back-to-school time! The 2025-2026 school year is upon us. Kids are already back in the classroom and ready to learn. Any parent will tell you that back-to-school time is an expensive time of the year. You cannot afford to miss out on any possible option that may […]
The Once-Per-Year Rollover Rule and SEP IRA Contributions: Today’s Slott Report Mailbag
Question: I recently retired in January and rolled over a lump sum pension from my previous employer into my IRA. Next month, I’m planning to roll over my 401(k) from the same employer into the same IRA as well. Would these two actions run afoul of the once-per-year rollover rule? Thanks. Answer: Good news! […]
The Craziest Stuff I’ve Heard
The Ed Slott team has answered literally tens of thousands of IRA and retirement plan questions over the past few years. That is not hyperbole—we track it all. The questions we’re asked run the gamut from basic to extremely complex. Most inquiries are honest and straightforward: “What is the rule about this?” “How do I do […]
In ERISA Retirement Plans, Spouse Beneficiaries Rule
At Ed Slott and Company, we continually stress how important the beneficiary designation form is. Because it’s that form – and not the retirement account owner’s will or other estate planning documents – that usually dictates who will receive the owner’s IRA or 401(k) account after death. But, as a recent case shows, for ERISA […]
Required Minimum Distributions and IRA Beneficiaries: Today’s Slott Report Mailbag
QUESTION: I turn age 73 on December 1, 2026. I would like to do a Roth IRA conversion on January 1, 2026, prior to turning 73 years old. Does my first required minimum distribution (RMD) begin January 1, 2026, the year that I turn age 73? Am I correct that my RMD must be […]