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154 Matching News Items

1.  GAO Report Shines Light on IRAs: Popular and Ripe for the Picking
Slott Report Link to more items from this source
Sept. 18, 2014
"The report provides some fascinating information about the number of people who have IRAs, as well as the staggering amounts that some people have accumulated in them.... The government realizes that IRAs are ripe for the picking.... There are a lot of people with IRAs.... Mitt Romney' s IRA has company!"
2.  Year-of-Death Reporting for Deceased IRA Owners
Slott Report Link to more items from this source
Apr. 7, 2015
"Even if the deceased IRA owner didn't take a distribution last year, there is special reporting of his or her IRA balance. For the year of death, the IRA custodian must file IRS Form 5498 for the decedent, showing the IRA's fair market value (FMV), including any contributions the decedent made before he or she died. (Note that if the decedent made any contributions or rollovers last year, those contributions must be properly reported on his/her tax return.)"
3.  What's the Process When a Trust (or Estate) Is IRA Beneficiary?
Slott Report Link to more items from this source
Mar. 11, 2024
"When a trust or estate is the beneficiary of an IRA, there are special rules that must be followed. Things can get complicated quickly. Before haphazardly opening new inherited accounts and bouncing IRA money around, it is important to understand some basic concepts -- like ownership structure, applicable payout rules and taxes."
4.  Tax Court Rules New SECURE 2.0 Statute of Limitations on Excess Contribution Penalty Is Not Retroactive
Slott Report Link to more items from this source
Mar. 4, 2024
"anyone thinking that they can let sleeping dogs lie, and not fix excess IRA contributions or missed RMDs from years prior to 2022, may want to reconsider. This Tax Court case is a warning that the new SECURE 2.0 SOL may not be enough to make those problems go away." [Couturier v. Commissioner, No. 19714-16 (T.C. Feb. 28, 2024)]
5.  2015 IRA Distribution Being Rolled Over in 2016? Facts You Must Know
Slott Report Link to more items from this source
Nov. 23, 2015
"Nothing prevents you from taking an IRA distribution in December of 2015 and rolling it over in January of 2016 as long as you follow the rollover rules that always apply. You will want to be especially careful of the 60-day rule for rollovers during this busy time of year.... Report the rollover for 2015.... Apply the one rollover-per-year rule correctly.... Add in the rollover when calculating your 2016 RMD."
6.  SECURE 2.0 Could Reduce RMD Rules for Annuitized Annuities – But Proper Valuation Is Needed
Slott Report Link to more items from this source
Feb. 5, 2024
"SECURE 2.0 ... [allows] RMDs for the annualized IRA and the other (non-annuitized) IRA funds to be aggregated. To do this, the prior-year 12/31 value of the annuitized IRA and the other funds are combined, and this sum is divided by the applicable life expectancy factor. This becomes the total RMD for the year. The amount of annual annuity payments are then subtracted from the total RMD to determine how much of the total RMD remains and must be taken from the other IRA accounts."
7.  New Roth Provisions Effective in 2024
Slott Report Link to more items from this source
Jan. 3, 2024
"Congress included a provision in SECURE 2.0 that allows for rollovers of unused 529 funds to Roth IRAs. While this a worthy idea, beware of important restrictions on this new rollover rule.... SECURE 2.0 ... [exempts] Roth 401(k) funds from lifetime RMDs. Keep in mind that beneficiaries of inherited Roth 401(k)s are still subject to RMDs."
8.  Eight Things to Know About a Special Spousal Rule That Allows Smaller RMDs
Slott Report Link to more items from this source
Nov. 30, 2015
"If your spouse is your sole beneficiary for 2015 and is more than 10 years younger than you, you may use the Joint Life Expectancy Table to calculate your RMD for 2015, instead of the Uniform Lifetime Table.... If you have more than one primary beneficiary listed on your IRA, you must use the Uniform Table and not the Joint Life Expectancy Table.... If you change beneficiaries during the year, you may not use the Joint Life Expectancy Table.... Your IRA custodian ... is permitted to use the Uniform Lifetime Table for all reporting of RMDs to IRA owners. Be aware that an amount reported to you may, therefore, be more than your actual 2015 RMD."
9.  RMDs When Your IRA Investments Are Not Liquid
Slott Report Link to more items from this source
Nov. 13, 2023
"If you have one IRA that is illiquid, you could simply take the RMD for that account from another IRA that is liquid.... You cannot satisfy your RMD for your IRA from a workplace plan or a Roth IRA. Another possibility is to make a tax year IRA contribution if you are eligible to inject some cash into an IRA.... [Y]ou would need to have earned income and you would be limited to the annual IRA contribution allowed. That may not be enough to satisfy the RMD."
10.  October 16: Deadline for Correcting 2022 IRA Contributions
Slott Report Link to more items from this source
Sept. 18, 2023
"A 6% penalty applies to excess contributions if not timely corrected. This penalty is not a one-and-done thing. It will apply every year that an excess contribution remains in the IRA. The only way to avoid the 6% penalty when an excess contribution occurs is to correct it by the October deadline. Also, if you are just changing your mind about a contribution that you are actually eligible to make, your ability to correct the IRA contribution will end with the October 16 deadline."
11.  IRA Beneficiary Payout Rules: The Madness Continues
Slott Report Link to more items from this source
Aug. 30, 2023
"How in the world could a normal person, unaffiliated with retirement accounts as a hobby or profession, figure this stuff out? The answer is, they cannot.... In this real-life scenario, items under consideration included the definition of an [eligible designated beneficiary (EDB)], the ages of the deceased and the beneficiary, the ability for an EDB to choose a payout structure, the 'springing' nature of the 10-year rule when an EDB minor turns 21, the 'at least as rapidly' rule, and the application of IRS Notice 2023-54."
12.  SECURE 2.0 Provides 3-Year Statute of Limitations for Missed RMDs
Slott Report Link to more items from this source
Aug. 21, 2023
"RMD penalty waiver language contained in Section 313 of SECURE 2.0 ... adds a 3-year statute of limitations for missed RMDs. Meaning, if an RMD is missed, the 25% penalty is only applicable for the next three years.... But be forewarned! SECURE 2.0 is not perfectly clear. The legislation is not precise."
13.  RMD Relief? No Thank You!
Slott Report Link to more items from this source
Aug. 14, 2023
"[It] may seem that every beneficiary who is subject to the 10-year rule and would otherwise be required to take an RMD for 2023 should take advantage of the opportunity to skip their 2023 RMD. It may seem like a no brainer to keep the funds in the account if not needed and avoid an immediate tax bill. However, this may not actually be a smart planning move."
14.  Penalty-Free Higher Education Expense Withdrawals
Slott Report Link to more items from this source
Aug. 7, 2023
"If you're under age 59 ½, there is an exception to the 10% early distribution penalty for higher education expenses. But there are several rules you need to follow."
15.  Trust as IRA Beneficiary: A Potentially Catastrophic Problem
Slott Report Link to more items from this source
July 19, 2023
"[E]very trust created prior to the SECURE Act and named as an IRA beneficiary must be reviewed, potentially rewritten, or scrapped altogether. What was a perfectly effective planning strategy a couple of years ago could be totally useless now. Here's how and why."
16.  IRS Excuses Missed 2023 RMDs Within the 10-Year Payment Period and Provides 60-Day Rollover Relief
Slott Report Link to more items from this source
July 17, 2023
"If you're an IRA beneficiary subject to the 10-year payout period and would have had a 2023 RMD (required minimum distribution), you're in luck. In Notice 2023-54 issued last [July 14], the IRS said it would excuse those RMDs. The IRS also said it would extend the 60-day rollover deadline for IRA (and plan) account owners born in 1951 who received distributions in 2023 that weren't necessary because of the SECURE 2.0 change that delayed their first RMD year from 2023 to 2024."
17.  Death of an IRA Beneficiary Before Claiming the Account
Slott Report Link to more items from this source
June 26, 2023
"[D]etermining how the IRA is to be distributed when the beneficiary dies before claiming the account is clear. The assets do NOT go to the contingent beneficiary.... During a normal transition period, the beneficiary determines what options she has.... [If] this first beneficiary dies prior to claiming the inherited dollars -- and prior to naming a successor beneficiary -- there are definitive 'next steps' to follow."
18.  The Two Types of 457(b) Plans
Slott Report Link to more items from this source
June 21, 2023
"[T]here are two types of section 457(b) retirement plans -- governmental plans for state and local municipal workers, and 'top hat' plans for highly-paid and managerial employees of tax-exempt employers like hospitals.... [T]he two types of plans are different in several important ways. One of the major differences has to do with rollovers."
19.  ALAR: The 'At Least as Rapidly' Rule for Beneficiary RMDs
Slott Report Link to more items from this source
June 5, 2023
"This requirement of annual RMDs when an account owner dies on or after the RBD stems from a rule sometimes called the 'at least as rapidly' (ALAR) rule. While the ALAR rule does not require the same amount that was taken by the IRA owner to also be taken by the beneficiary, it does require that the process of taking RMDs continue. This is a key point. ALAR is not a function of amount, it is a function of frequency."
20.  'KonMari' Your IRA
Slott Report Link to more items from this source
Jan. 21, 2019
"Thrift shops around the country are reporting a large influx of donations as Americans reevaluate their homes and tidy up using the 'KonMari' method. While your retirement accounts may be a little different than your home ... [here] are 4 steps you can take to tidy up your IRA and other retirement accounts. [1] Consolidate ... [2] [R]eevaluate your investment strategy in terms of current market conditions.... [3] Review account information ... [4] Check your beneficiary form."
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