By Sarah Brenner, JD Director of Retirement Education The House Ways and Means Committee has released a draft of proposed changes to retirement accounts, including adding income limits for conversions and eliminating the back-door Roth conversion strategy. These...
By Ian Berger, JD IRA Analyst Question: If your employer contributes to either a SEP IRA or a SIMPLE IRA, can you (the employee) also contribute to a Roth IRA? Regards, Alfred Answer: Hi Alfred, Yes, you can make Roth IRA contributions even if you participate in a SEP...
By Ian Berger, JD IRA Analyst Are you moving assets between IRAs or from a company plan to an IRA (or vice-versa)? You should know that using a direct transfer is a much better idea than doing a 60-day rollover. Direct transfers avoid all of the possible issues which...
By Andy Ives, CFP®, AIF® IRA Analyst When an IRA owner taking required minimum distributions (RMDs) dies before removing his annual RMD, that year-of-death RMD (or whatever portion remains) must still be withdrawn. Upon passing, the year-of-death RMD immediately...
By Sarah Brenner, JD Director of Retirement Education President Biden has declared September to be National Preparedness Month. The goal is to encourage Americans to be more prepared for natural disasters. Unfortunately, from flooding on the east coast to fires on the...
By Sarah Brenner, JD Director of Retirement Education Question: Ed I heard on a podcast that you are the number one authority on IRAs, so I want to go to the most informative source. Could you answer this question for me? I have a Roth IRA and suddenly I was unable...
By Ian Berger, JD IRA Analyst What if you have an IRA with your spouse as primary beneficiary, get divorced without changing your beneficiary and then die? Who inherits your IRA benefits. If you live in one of the 26 states (as of June 2018) that have...
By Andy Ives, CFP®, AIF® IRA Analyst Question: I appreciate all of the information you pass along, both through PBS and now through the American College. In one of your recent presentations, you discussed QCDs and their often-overlooked value. I recommend QCDs to...
By Andy Ives, CFP®, AIF® IRA Analyst Yes, you are allowed to own real estate in an IRA. Of course, not every IRA custodian will accommodate such an investment, but that doesn’t mean it is forbidden. If you want to own a beach house in your IRA, or a commercial...
By Sarah Brenner, JD Director of Retirement Education The other day an advisor called us with an issue that comes up frequently, especially in these tumultuous times. His client had made an IRA contribution for 2021 and was planning on deducting that contribution....
By Ian Berger, JD IRA Analyst Question: I am 72 years old and have a Roth IRA. I have some extra cash in a bank account. Can I put that into my Roth IRA and how much can I contribute for 2021? Answer: You could potentially contribute up to $7,000 to a Roth IRA this...
Ian Berger, JD IRA Analyst In the August 16, 2021 Slott Report, we showed that someone participating in a 401(k) plan through a “regular” job could also establish a solo 401(k) plan through a side job and potentially contribute up to $58,000 this year in after-tax...
By Andy Ives, CFP®, AIF® IRA Analyst Recently, I had a conversation with an advisor who wanted a second opinion. He disagreed with how a 401(k) custodian was handling his client’s required minimum distribution (RMD). To arm himself with facts, the advisor contacted us...
By Sarah Brenner, JD Director of Retirement Education Question: Ed, My client recently passed away at the age of 86 and the beneficiaries were his twin grandchildren who are six years old. Does their 10-year clock to withdraw the funds start right away, or can they...
By Sarah Brenner, JD Director of Retirement Education It’s back to school time! Any parent will tell you that education can be expensive. You cannot afford to miss out on any possible option out there that may help you save. One savings tool that you might overlook is...
By Ian Berger, JD IRA Analyst We continue to get lots of questions about the company savings plan contribution limits. There are actually two different contribution limits – the “deferral limit” and the “overall limit.” This makes things very confusing, especially if...
By Andy Ives, CFP®, AIF® IRA Analyst Question: I read of a way to move money from an IRA to a Roth without incurring any taxes. You set up an IRA account and make a non-deductible contribution of $6,000, then you convert it into a Roth. Is this legal and possible?...
By Andy Ives, CFP®, AIF® IRA Analyst Regardless of whether you open an IRA, participate in a 401(k) plan, buy a life insurance policy, or start a college saving plan for a child, there is a critical detail which should never be overlooked: naming a beneficiary....
Sarah Brenner, JD Director of Retirement Education A Qualified Charitable Distribution (QCD) is a way for you to move funds out of your IRA to a qualifying charity income tax free. This can be a great strategy for those who are charitably inclined and looking to save...
Ian Berger, JD IRA Analyst Question: Can you put funds into a Roth IRA for a 14 year old using money you have paid the child for doing chores? Client was told all he needed to do was keep a record of what was paid by to the child. I have always enjoyed your...
