Fatal Error: Mistakes That Cannot Be Fixed – Part 2
By Andy Ives, CFP®, AIF® IRA Analyst In our Slott Report entry from March 2 (“Fatal Error: Mistakes That Cannot Be Fixed – Part 1,”) we discussed three irreversible mistakes and the negative consequences of each. Despite any repercussions, certain IRA and retirement plan transactions simply cannot be unwound. As a follow-up to the March 2 […]
Act Quickly to Avoid Double Taxation on Excess 401(k) Deferrals
By Ian Berger, JD IRA Analyst If you made excess deferrals to your 401(k) or 403(b) plan(s) in 2025, you need to correct the error while there’s still time. The deadline is April 15, 2026. If you don’t act before then, you’ll be double-taxed on the excess deferrals. The maximum pre-tax and Roth-elective deferrals you could […]
IRA Beneficiaries and Contribution Limits: Today’s Slott Report Mailbag
By Sarah Brenner, JD Director of Retirement Education Question: Is it wise to designate a grandchild as primary beneficiary for IRA accounts? Answer: You can choose to name whomever you want as your IRA beneficiary. If you want your IRA funds to go to your grandchildren, that is your decision and there is nothing […]
Rolling Over Your Retirement Plan? Here Are 5 Things to Know About Your RMD
By Sarah Brenner, JD Director of Retirement Education These days many Americans are still working long beyond what has traditionally been retirement age. This may be by choice or by necessity. If this is your situation, you may be keeping funds in your employer plan well into your seventies and maybe even later. There […]
Fatal Error: Mistakes That Cannot Be Fixed – Part 1
By Andy Ives, CFP®, AIF® IRA Analyst When a transactional mistake is made with retirement plan or IRA assets, there is oftentimes a mechanism to correct the error. For example, if too much money is contributed to an IRA, a person can leverage the excess contribution withdrawal rules to remove the excess without penalty […]
Trump Accounts and Required Minimum Distributions: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: What’s your opinion of the value of Trump Accounts? Worth it for kids? Should the child do a Roth conversion at age 18? Or is it better just to do a Uniform Transfers to Minors Act (UTMA) account? Or perhaps a mix of both since the […]
New Trump Account Developments
By Ian Berger, JD IRA Analyst With contributions to Trump Accounts expected to begin in just a few months, there are some new developments to report. As a reminder, Trump Accounts are tax-deferred savings accounts for children. They were established by Congress last July as part of the One Big Beautiful Bill Act (OBBBA). […]
5 Tips for Making Your 2025 Roth IRA Contribution
By Sarah Brenner, JD Director of Retirement Education The tax season is upon us. This is the time when many people consider contributing to a retirement account. You may be interested in the Roth IRA, which offers the promise of tax-free withdrawals in retirement if you follow certain rules. If you are deciding whether […]
Conversions of Property and Conversions of Inherited IRA Funds: Today’s Slott Report Mailbag
By Ian Berger, JD IRA Analyst Question: I really appreciate your emails and find them very helpful. Please continue the great work. I read your advice in the recent Slott Report article that IRA contributions need to be in cash, but was wondering about Roth conversions. If I do a Roth conversion from a traditional IRA, can it be done […]
Real Life Scenario: Minor as EDB Beneficiary
By Andy Ives, CFP®, AIF® IRA Analyst A member of Ed Slott’s Elite Advisor Group℠ emailed us recently with a question about a minor child as beneficiary of her father’s IRA. The question was brief, and I think the expectation was that our reply would be of similar length. But our job is not […]