IRA EXCEPTIONS AND ANOMALIES
As already-complicated IRA rules spiral further into an abyss of confusion, it comes as no surprise that irregularities exist. Up is down and left is right. Green means stop, and red means throw your hands up in exasperation. And those in charge recognize the lunacy. Case in point: “Many parts [...]
THE 411 ABOUT MINOR BENEFICIARIES
Are you thinking of naming a child or grandchild as your IRA beneficiary? With the start of the SECURE Act in January 2020, the rules for inherited IRAs were upended. Prior to the enactment of the SECURE Act, naming minor beneficiaries was a good way to take advantage of the [...]
ROTH CONVERSION CONFUSION
There is no doubt we have written about this topic in past Slott Report entries. Possibly many times. There is also no doubt that people continue to have Roth conversion confusion, over and over again. When a person does a Roth conversion, that transaction will be taxable, and there is [...]
Q&A’S ON RECENT IRS RMD RELIEF
On July 17, we reported that the IRS had issued the required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to the 10-year payout period. Second, it extended the 60-day rollover deadline for retirement account owners born in [...]
THE SECURE ACT 2.0
Here’s What It Means For You
On December 29, 2022, the SECURE 2.0 Act was signed into law. While “Son of SECURE” is not quite the game changer for IRAs that the original SECURE Act was, there are many new provisions. How will this legislation affect you and your retirement savings? Download the Guide for some highlights and effective dates.
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Steven J. Toto, CPF®
Proud Member of Ed Slott’s IRA Advisor Group
Members of Ed Slott’s Elite IRA Advisor GroupSM train with Ed Slott and his team of IRA professionals on a continuous basis. Members are immediately notified of changes to the tax code and updates on retirement planning, so you can be sure your retirement dollars are safe from unnecessary taxes and fees. Retirement planning is complicated. It is a personal and situational endeavor with possible pitfalls in the way of success. There are approximately 500 members throughout the country and Steven Toto is one of them. He is armed with current, cutting-edge IRA information to help service his clients, their families, and members of the Newtown, PA & Princeton, NJ communities. If you are interested in discussing your situation with Mr. Toto, give us a call today.
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