THE SLOTT REPORT TAKES ON AI
We are surrounded with information – and misinformation. Finding accurate up-to-date facts is increasingly difficult. Do an internet search and you will likely run into obsolete websites that have not been updated in years, paywalls demanding you subscribe before getting access, and sites completely generated by AI with very limited human involvement. We at the […]
SECURE ACT REGULATIONS AND INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG
Question: When can we expect final SECURE Act regulations from the IRS? Mike Answer: Hi Mike, No one knows for sure. However, there is now some hope that these may be coming sooner rather than later. In recently released Notice 2024-35, the IRS said that final regulations are anticipated to apply for determining RMDs for […]
ROTH 401(K) TO A ROTH IRA ROLLOVER: HOW DOES THIS WORK?
As retirement account questions go, this is the shortest inquiry with the longest answer. When asked what factors to consider and what 5-year clocks apply with a Roth 401(k) to Roth IRA rollover, I take a big breath and say, “Pull up a chair.” There are a number of variables to determine. Probing questions must […]
THE AGE 55 EXCEPTION AND ROLLOVERS OF ROTH IRAS: TODAY’S SLOTT REPORT MAILBAG
Question: Can an individual who is using the age 55 exception to the 10% early distribution penalty roll over a part of a 403(b) account to an IRA and leave a portion in the 403(b) to take penalty-free withdrawals? Thank you, Jamie Answer: Hi Jamie, There is no rule under the tax code that says […]
FIVE RMD FACTS EVERY IRA OWNER SHOULD KNOW
If you have an IRA and you are approaching retirement age, you have probably heard the term “required minimum distribution” (RMD). But do you know the details of how the rules work and what they mean for you? Here are five facts about RMDs that every IRA owner should know. If you have a traditional […]
SIMPLE PLAN CONTRIBUTION LIMITS: INCREASED FOR MANY
We have written about this subject in the past (December 2023), but as is our philosophy here, learning is all about repetition, repetition, repetition. Surprisingly (he says with tongue firmly planted in cheek), not everyone reads every Slott Report entry. For some, this could be the first time they are hearing about these new SIMPLE […]
WHEN A REVERSE ROLLOVER MAKES SENSE
In a famous “Seinfeld” episode, George Costanza, unemployed, living with his parents and without a girlfriend, decides to do the opposite of what he would normally do. It pays off for him big time as he lands a front office job with the New York Yankees (after criticizing the owner during a job interview) and […]
NET UNREALIZED APPRECIATION AND QUALIFIED CHARITABLE DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
Question: I need guidance on a new client with the following information: Is age 55; Has a $700,000 ESOP in a company that he separated from over 10 years ago; and Wants diversification. Since he separated from the company over 10 years ago and is now age 55, would he be eligible for the following: […]
WHAT YOU NEED TO KNOW ABOUT COMMUNITY PROPERTY AND YOUR IRA
What do you get when community property mixes with your IRA? Well, you will discover that the results can be confusing. Here are some facts every IRA owner should know. Community Property States The community property system has been adopted by nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Alaska […]
ED SLOTT’S ELITE ADVISOR GROUP℠ MEETS IN INDIANA
Ed Slott’s Elite IRA Advisor Group℠ gathered in Indianapolis last week for another successful conference. Over 350 member advisors from across the country spent two intense days of training, covering topics ranging from SECURE 2.0 provisions taking effect in 2024 to fixing excess contributions. The overarching theme of the seminar was “schemes and scams.” Guest […]