Asset Consulting & Safe Money Solutions
IRA BLOG
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Backdoor Roth IRAs and Inherited IRAs: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: When someone under age 59½ uses the “backdoor” method of making Roth IRA contributions, does the 10% penalty apply to subsequent withdrawals if the IRA contribution was non-deductible? Thank you, John ANSWER: John,...
Grandparents Should Be Very Careful Before Opening Trump Accounts
By Ian Berger, JD IRA Analyst Contributions to Trump Accounts, the new tax-deferred savings vehicle for children, can’t be made until July 4, 2026. However, the opportunity to open a Trump Account, either through filing Form 4547 or using a dedicated IRS...
5 Steps to Spring-Clean Your IRA
By Sarah Brenner, JD Director of Retirement Education Spring is here! Now is the time when many people spring-clean their homes. It is an opportunity to get organized, get rid of clutter, and simplify. This year, consider taking the same approach with your retirement...
The Net Unrealized Appreciation (NUA) Strategy and Roth IRA Contribution Eligibility: Today’s Slott Report Mailbag
By Ian Berger, JD IRA Analyst Question: Hello, I’ve run into someone who is retired, age 77, and therefore taking required minimum distributions (RMDs) from his Caterpillar 401(k) plan. He has approximately $5M in Caterpillar stock within the plan. It seems...
6 Required Questions to Determine an IRA Beneficiary Payout Structure
By Andy Ives, CFP®, AIF® IRA Analyst 1. When did the decedent die? The SECURE Act impacts beneficiaries of decedents who died in 2020 or later. Anyone who passed away prior to 2020 falls under the old rules. Prior to the SECURE Act, all living, breathing...
How Will States Tax Trump Account Contributions?
By Ian Berger, JD IRA Analyst Trump Account contributions can be made as early as this July 4. But before making a contribution on behalf of a child, you should understand that the way these contributions are treated under federal tax law may be different than...
The Five-Year Rule and Rollovers to Employer Plans: Today’s Slott Report Mailbag
By Sarah Brenner, JD Director of Retirement Education QUESTION: Hi, I was wondering if my Roth account that is a part of my Thrift Savings Plan (TSP) through federal employment counts toward my five-year rule for a Roth IRA? If I wanted to transfer the money from my...
How an Excess IRA Contribution Can Happen to You
By Sarah Brenner, JD Director of Retirement Education Not all funds in an IRA belong there. When a contribution is not permitted in an IRA, it is considered an excess contribution and needs to be fixed to avoid penalties. Some excess contributions are easy to...
April 15: The Deadline for Some IRA Transaction, but Not All
By Andy Ives, CFP®, AIF® IRA Analyst April 15 is fast approaching. Not only is this the standard tax filing deadline, but it is also the deadline to complete some IRA transactions. But there is a common misconception that certain other IRA transactions can also...
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