Ed Slott

Your article was successfully shared with the contacts you provided. If Congress really wants to help retirees and those saving for retirement, they need to fix the 10-year rule in the IRS’ proposed regulations on how to handle required minimum distributions under the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019, according to IRA specialist Ed Slott of Ed Slott & Co.

“The issue is that the regulations drive the money out very rapidly after death, which means there’s a shorter window – all of this money needs to come out, and it’s subject to future greater taxes,” Slott cautions. “If taxes are not planned, for now, a...

Advisors need to look into alternative solutions, but much confusion remains about the new rules, he says. Under the regs, IRAs are dead as a long-term planning vehicle, he said. He suggests Congress eliminate RMDs altogether. One “big message” is clear from the IRS’ recently released proposed regulations on how...

The changes to the 10-year rule for inherited IRAs is already effective, the IRA expert and CPA says. He expects the IRS to issue relief guidance. Clients with inherited IRAs should not take RMDs for years 1-9, or make up missed 2021 RMDs until IRS issues guidance, he says. The...

The bill, which sailed through the House Tuesday, reduces the 50% penalty for missing an RMD, Slott said. It allows Roth versions of SEP and SIMPLE IRAs and requires catch-up contributions to be made to Roth accounts. The Senate Finance Committee is expected to take up the bill soon. A...

The Internal Revenue Service’s recently released proposed regulations on how to handle required minimum distributions under the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019 include some unexpected rules for those 90 and older, says IRA and tax planning expert Ed Slott of Ed Slott & Co.

The new proposed RMD regs took something that was getting simplified and made it more complex, Slott said. The 10-year rule is the biggest surprise. The regs also create a “bizarre” new RMD term, Slott says. The Internal Revenue Service’s recently released proposed regulations about how to handle...

If advisors lack in-house tax expertise, they should talk with their clients’ CPA, says Ed Slott. Hold off on backdoor Roth conversions until the Build Back Better bill passes, or doesn't. RMDs might be lower due to new life expectancy tables put out by the IRS. Tax time has...

The Internal Revenue Service issued Tuesday a revised Fact Sheet and frequently asked questions on the 2021 child tax credit and advance child tax credit to help eligible families properly claim the credit when they prepare and file their 2021 tax return. Tax expert Ed Slott of Ed Slott &...

House Democrats changed some of the effective dates in their revised plan, Ed Slott said. The estate tax and capital gains tax changes are out as of now. This is a very fluid situation that advisors must stay on top of, Slott said. The elimination of backdoor Roth IRA conversions...

Slott explains why the retirement planning provisions aren't in Biden's plan. Advisors are still woefully unprepared to help clients with tax planning. Clients are relying on advisors to have knowledge of how new tax bills will affect their retirement plans. IRA whiz Ed Slott of Ed Slott & Co. doesn’t...

Fast-growing company aims to strengthen their group workshop product for financial advisors through strategic partnership. White Glove, a tech-enabled marketing services company that specializes in turnkey Done-For-You client acquisition and nurturing strategies for financial advisors, announced a partnership with America’s IRA Expert, Ed Slott, CPA, to provide financial advisors with a new workshop topic based off of his bestselling book, The Retirement Savings Time Bomb (Penguin Random House 2021).

Apple Podcasts | Google Podcasts | Spotify | Overcast | RSS. Ed Slott & Co. LLC (irahelp.com) David Muhlbaum: Individual retirement accounts. Lots of people have one, but are they getting the most from them? We talked to a master of strategy, Ed Slott, about the ins and outs of IRAs. Speaking of retirement savings, Congress has got its eye on making changes again. We'll check in on what's new.

Advisors must remind their clients to update all IRA and trust beneficiary documents. The Secure Act's 10-year withdrawal rule does have some exceptions. Slott says the 10-year rule isn't so bad, because most young beneficiaries take out the money relatively quickly anyway. Advisors can be a hero to their clients...

Many of today’s planners and accountants are poorly prepared to help their clients through changes in IRA tax and retirement rules, said IRA and tax expert Ed Slott. That’s because until recent years, long-standing conventional wisdom in tax planning has been to delay taking taxable income or distributions for as long as possible, Slott, president of Ed Slott & Co., said yesterday at Financial Advisor’s Next Chapter—ReThinking Retirement virtual conference. Today’s retirement rules and proposed changes in tax laws create greater incentive to take income and pay taxes sooner than later, he said.

Secure 2.0 increases the RMD age to 73 starting on Jan. 1, 2022, to 74 starting on Jan. 1, 2029, and to 75 starting on Jan. 1, 2032. According to IRS data, 80% of people who take the RMD amount or more do so because they need the money, says retirement expert Ed Slott.

In this episode of Human Capital, Ed Slott of Ed Slott & Co. relays important tax advice related to potential changes to the stepped-up basis and estate tax, and also warns that the potential boosting of the required minimum distribution age to 75 is likely “useless,” and that lawmakers may actually be “creating a bigger problem” with such a change.

Two tax and retirement specialists say a recent IRS publication has thrown IRA inheritance planning into chaos, but that advisors shouldn’t make changes just yet. Until the release of IRS Publication 590-B (Pub 590-B), retirement and tax experts told advisors that 2019’s SECURE Act required that the entire balance of an inherited IRA be withdrawn by Dec. 31 of the 10th year following the original account owner’s death, but that no annual required minimum distributions (RMDs) would be necessary, said Ed Slott, founder of Ed Slott and Co. and professor of practice at the American College of Financial Services, and Robert Keebler, founder of Green Bay, Wis.-based Keebler & Associates, a tax advisory and CPA firm in a webcast.