The SECURE Act changed some of the rules for inherited IRAs. It is important to understand these rules so that you can be Tax Savvy and Income Maximized in retirement. As a member of Ed Slott’s Master Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource for knowing the facts and applying that to artful IRA planning. By Andy Ives, CFP®, AIF® IRA Analyst Each week, the Ed Slott team answers [...]
As a member of Ed Slott’s Master Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource for knowing the facts and applying that to artful IRA planning. By Sarah Brenner, JD Director of Retirement Education Question: Can an RMD from an inherited IRA be taken out of your own traditional IRA? Jack Answer: Hi Jack, Aggregation of required minimum distributions (RMDs) can be complicated and we get a lot of questions [...]
April 18 is Tax Day for 2022. It is delayed from the 15th because the IRS offices were closed Friday. Generally speaking, each taxpayer’s bill to the U.S. Treasury is settled at this point, but there are exceptions. Read this Slott Report for insights. Going forward, now is the time to be planning for 2023 and future years. Becoming Tax Saavy throughout your retirement years requires years of advance planning and is an ongoing process. Tax laws will remain dynamic and will never be static. By Andy [...]
Owners of inherited IRAs may be in for a jolt. In a surprise announcement, annual required minimum distributions (RMDs) will be required for those who recently inherited individual retirement accounts (IRAs). In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020 and put in place a “10-year rule.” It was expected that the IRA balance would be required to be withdrawn by the end of that 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were [...]
The IRS has flip-flopped! In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020. A new “10-year rule” was put in place and experts believed the IRA balance had to be withdrawn by the end of the 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were not required. Two weeks ago, the IRS released the long-awaited SECURE Act RMD proposed regulations and flip-flopped. If annual RMDs are required, some taxpayers could already be in trouble. [...]
Roth IRAs can be a valuable tool to help make your retirement income plan Tax Savvy, which in turn makes it easier for your plan to become Income Maximized. Many people believe they are not eligible for a Roth IRA. While they may not be eligible to contribute to a Roth IRA, anyone can do a Roth Conversion. As a member of Ed Slott’s Elite IRA Advisor Group, Mr. Rawl has direct access to Ed and his team of IRA experts. Ed Slott and Company is a valuable resource [...]