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SECURE ACT GIVES BUSINESSES EXTRA TIME TO ESTABLISH NEW RETIREMENT PLANS
By Ian Berger, JD IRA Analyst Hidden within the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) signed into law last December is a provision giving businesses extra time to establish certain new tax-qualified retirement plans. Prior to the...
STRETCH IRA LIVES ON FOR SOME BENEFICIARIES
By Sarah Brenner, JD Director of Retirement Education Last year the SECURE Act became law and eliminated the stretch IRA for millions of IRA beneficiaries. However, for some IRA beneficiaries the stretch lives on. For most beneficiaries, the stretch is now replaced...
ROLLOVERS AND INHERITED IRAS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD Director of Retirement Education Question: I have a very simple ROTH IRA question. I borrowed money from my ROTH IRA with the intention of paying it all back in 60 days. To avoid any penalty, must I make one repayment of all the money I borrowed?...
DEATH DURING A ROLLOVER
By Andy Ives, CFP®, AIF® IRA Analyst A financial advisor contacted me about her client who had recently passed away. The advisor was legitimately concerned about a rollover check received by the now-deceased individual. It had not been deposited into his IRA prior to...
TAX RULES FOR ROTH 401(K) DISTRIBUTIONS
By Ian Berger, JD IRA Analyst With more 401(k) plans offering Roth contributions and more folks taking distributions from their plans, now’s a good time to review the tax rules governing Roth 401(k) distributions. Qualified distributions. If your Roth 401(k)...
RMDS IN 2020: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Question: Once the RMD’s for 2020 were suspended, I withdrew what would have been my RMD from my traditional IRA and deposited it in my Roth IRA. Can I now withdraw that amount from my Roth and repay it to my traditional IRA?...
RECHARACTERIZATION OF IRA CONTRIBUTIONS IS STILL HERE
By Sarah Brenner, JD IRA Analyst It happens. You have made a 2019 contribution to the wrong type of IRA. All is not lost. That contribution can be recharacterized. While recharacterization of Roth IRA conversions was eliminated by the 2017 Tax Cuts and Jobs Act,...
EXTENDED ROLLOVER DEADLINES EXPLAINED
By Andy Ives, CFP®, AIF® IRA Analyst The IRA and plan rollover rules have been in constant flux this year. We are now past the original July 15 extended rollover deadline. This was the first extension date created by IRS Notice 2020-23. Distributions from an IRA or...
REPAYMENT OF UNWANTED RMDS AND ROTH CONVERSIONS FROM COMPANY PLANS: TODAY’S SLOTT REPORT MAILBAG
By Ian Berger, JD IRA Analyst Question: For COVID "special" Aug 31 rollovers, am I allowed to return my 401(k) required minimum distribution (RMD) to my IRA? Thank you, Maria Answer: Hi Maria, Yes, the CARES Act and subsequent IRS guidance allows unwanted 2020 401(k)...
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