by fwsadmin | Feb 8, 2023 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport When IRA or retirement plan assets are withdrawn prior to age 59 ½, an early distribution penalty of 10% applies – in addition to any taxes owed on the distribution. However, there are...
by fwsadmin | Feb 6, 2023 | IRA Blog
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport Up to now, employer contributions to 401(k) (and other plans) had to be made to pre-tax accounts. One of the SECURE 2.0 changes already in effect allows employer contributions to be made to Roth...
by fwsadmin | Feb 2, 2023 | IRA Blog
Question: If I did a Roth conversion in 2022, do I have to wait 5 years before I can touch the amount $16,500 (the amount I converted) penalty free? The Roth has been open since 2003 and I’m over 59 ½. Answer: The five-year rules for Roth IRA distributions can...
by fwsadmin | Feb 1, 2023 | IRA Blog
By Sarah Brenner, JD IRA Analyst Follow Us on Twitter: @theslottreport The SECURE Act changed the game for inherited IRAs. For most beneficiaries, the stretch IRA is gone and has been replaced by the 10-year payout rule. However, the SECURE Act carved out some rules...
by fwsadmin | Jan 30, 2023 | IRA Blog
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport A ton of questions on this topic have come across our desks, and we have seen swirling, hypnotizing spirals in the eyes of many an advisor. I can only imagine what the general public is...
by fwsadmin | Jan 26, 2023 | IRA Blog
By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport Question: If a person turned 72 in 2022, and died before starting her traditional IRA RMDs (required minimum distributions), must her three children take an RMD (based on their ages) in 2022 and for...