YEAR-OF-DEATH RMDS AND ROTH CONVERSIONS: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Question: Both of my parents passed away last year. My mother passed earlier in 2022 and I was able to take her year-of-death RMD out of the inherited IRA before the end of the year. My dad...

5 REASONS TO OPEN A ROTH IRA IMMEDIATELY!

By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on Twitter: @theslottreport Time is running out! The tax filing deadline is Tuesday, April 18. Why is this important? Because that is the last day an IRA can be opened and/or funded for the previous year. Even if a...

IRS SIGNALS THAT IT WILL STILL WAIVE MISSED RMD PENALTIES

By Ian Berger, JD IRA Analyst Follow Us on Twitter: @theslottreport Despite the reduction in the penalty for missing required minimum distributions (RMDs) in the new SECURE 2.0 law, it looks like you will still be able to get the IRS to waive the penalty altogether....

5 HSA RULES YOU NEED TO KNOW

Health Savings Accounts (HSAs) are rapidly growing in both size and in number. These accounts offer deductible contributions and tax-free distributions for qualified medical expenses. An HSA can be a valuable tool not only for paying for medical expenses but also for...

FACTS OF THE QUALIFIED HIGHER EDUCATION IRA PENALTY EXCEPTION

Higher education expenses can be steep. Fortunately for those under the age of 59 ½ who need to dip into retirement savings to cover these costs, there is an exception to the 10% early withdrawal penalty. Before tapping your IRA, be sure to understand the fundamentals...