Weekly Blog

7 Things Your IRA Custodian Won't Tell You

It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them. 1. 60-Day Rollovers – An IRA custodian will not remind…

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You Must Play by the Rules with RMDs and QCDs: Q&A Mailbag

This week’s Slott Report Mailbag examines Roth IRA transfers, QCDs and RMDs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here. Question: Dear Ed Slott and Company, Thank you for helping me with my question. I’m in the…

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What's Your IRA Worth?

Many IRA owners invest in assets other than the usual stocks, bonds, cash, and mutual funds. In fact, the tax code allows for IRAs to invest in just about anything out there except for collectibles, life insurance, and S-corporation stock. But when you invest in those “other assets,” what are they really worth? If you…

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Inheriting an Inherited IRA

What are the rules when you inherit an inherited IRA? We get this question frequently. Let’s consider what happens when using designated beneficiaries. Jim dies and names Mike as his beneficiary on the beneficiary form. Five years later Mike dies and has named Phyllis, who is a successor beneficiary, on the beneficiary form. Titling The…

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Hardship and Retirement Distributions–No Free Pass

A very common mistake on the part of IRA owners and plan participants is thinking that distributions taken because of their financial difficulties are tax and penalty free. Hardship Withdrawals There is no hardship withdrawal from an IRA. You have access to your IRA funds at any time, for any reason. There is a hardship…

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IRA Distribution Basics–Taxation of Distributions

Most IRA accounts hold pre-tax contributions and rollover amounts from employer plans. For purposes of this blog, I am going to assume that there are no after-tax amounts held in any IRA, including SEP and SIMPLE IRAs. IRA distributions where the check is made payable to the IRA owner or the funds are transferred to…

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Six Things to Know About the Year-End Account Balance Used for RMDs

We live in a fast-paced world, and sometimes it isn’t very easy to remember every little exception to various rules, including the rules regarding Required Minimum Distributions (RMDs). This article from Ed Slott and Company will help you to better understand and gain knowledge of  the RMD rules and exceptions.  1. General Rule As a…

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Once-Per-Year Rollover Rule – The Exceptions to the Rule

As with most IRA rules, there are exceptions to the once-per-year rollover rule. The rule applies to IRA-to-IRA and Roth IRA-to-Roth IRA 60-day rollovers. Just to be clear, an IRA rollover occurs when a check is issued by the IRA or Roth IRA custodian that is payable to the account owner. The following are the…

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