IRA Blog
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Qualified Charitable Distributions: Today’s Slott Report mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: I make a qualified charitable donation (QCD) to my local church on a monthly basis. I know that the receiving charitable organization must provide me with a written confirmation that no favors were given in return for my...
How to Open a New Solo 401(k) Plan Retroactively
By Ian Berger, JD IRA Analyst Thinking of opening up a new solo 401(k) plan for 2026? Fortunately, you won’t have to rush to get it done by the end of the year. A solo 401(k) is an excellent retirement savings vehicle for self-employed business owners with no...
IRA Beneficiaries and Missed RMDs
By Sarah Brenner, JD Director of Retirement Education Beneficiaries, including Roth IRA beneficiaries, are subject to required minimum distributions (RMDs). The SECURE Act and SECURE 2.0 have upended these rules and caused significant confusion. Now, many...
What Is the Deadline for Taking an IRA Owner’s Year-of-Death RMD Without Penalty?: Today’s Slott Report Mailbag
By Ian Berger, JD IRA Analyst QUESTION: My dad died in December 2025, at age 95. I am the sole beneficiary of his traditional IRA. I just discovered that he never took his required minimum distribution (RMD) for 2025. Will his estate be subject to a penalty? ANSWER:...
Spouse Beneficiary RMDs: Calculation Basics
By Andy Ives, CFP®, AIF® IRA Analyst In the October 26 Slott Report entry (“Beneficiary RMDs: Calculation Basics”), we discussed the required minimum distribution (RMD) calculation rules for non-spouse IRA beneficiaries. Spouses, on the other hand, are a special type...
IRS Establishes New Correction Program for Fixing IRA Errors
By Ian Berger, JD IRA Analyst A recently announced IRS program gives you new ways to fix certain IRA errors. Unfortunately, it won’t be as helpful as it seems. In the 2022 SECURE 2.0 legislation, Congress gave the IRS two years – until December 29, 2024 – to come up...
IRA Beneficiaries and the Roth IRA Five-Year Rule: Today’s Slott Report Mailbag
By Sarah Brenner, JD Director of Retirement Education QUESTION: I am age 84. My IRA beneficiaries are my two children (ages 52 and 56) and my grandchild (age 8). Who is a non-eligible designated beneficiary (NEDB) and who is an eligible designated beneficiary (EDB)?...
Correcting an Excess IRA Contribution After the October 15 Deadline
By Sarah Brenner, JD Director of Retirement Education Excess IRA contributions happen frequently and for a variety of reasons. Maybe your income ended up being higher than expected and you were ultimately ineligible for the Roth IRA contribution you made. Maybe you...
Beneficiary RMDs: Calculation Basics
By Andy Ives, CFP®, AIF® IRA Analyst Although many IRA owners are required to take required minimum distributions (RMDs), much confusion remains as to how the RMD is calculated. Factors include whether the original IRA owner reached his required beginning date (“RBD”...