Ed Slott’s IRA Corner

What is an Ed Slott Elite Advisor?

Ed Slott and Company is the nation’s leading source of accurate, timely IRA expertise and analysis to financial advisors, institutions, consumers and media across the country.

Members of Ed Slott’s Elite IRA Advisor GroupSM train with Ed Slott and his team of IRA Experts on a continuous basis.

Chris Robinson, Lead Advisor for RFG Wealth Advisory, is a member of the Ed Slott Elite Advisor Group and trains monthly with this organization.

Latest Slott Reports

IRA Rollover

Avoid IRA 60-Day Rollover Mistakes with Self-Certification

You may be worried about the consequences if you recently withdrew money from your retirement account with plans to execute a 60-day rollover but missed your deadline. Life happens, and fortunately, the IRS understands this too! If you missed the 60-day deadline for completing an IRA rollover due to an error or an unexpected life...

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Avoid double taxes

Avoid Double Taxes on Your Inheritance

When inheriting a loved one’s retirement assets, estate beneficiaries are often subject to a heavy tax burden and most likely want to avoid double taxes, for sure. If the estate is subject to both federal estate and income taxes, consider the income in respect of a decedent (IRD) deduction to avoid double taxation. IRD Deduction...

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multiple beneficiaries words on computer screen

Essential Steps when Planning for Multiple Beneficiaries

When creating a financial plan, many people wish to leave a legacy for their loved ones. Some individuals choose to name their spouse as the sole beneficiary, while others have a list of loved ones they wish to include. If you intend to leave assets to multiple people, having them listed properly as beneficiaries is...

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Jar of money with IRA sign in front

Using IRAs to Help Children Secure Their Financial Future

Are you looking for a way to secure a financially stable future for your child or grandchild? An IRA may be the solution! There is no minimum age for having an IRA, and as long as your child has earned income, you can open an account in their name. Your child can contribute to their...

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HSA sign plus stack of cash

Health Savings Account to Help with Future Healthcare Costs

Increasing healthcare costs is one of the top concerns among Americans today. Using a Health Savings Account (HSA) to help with future healthcare costs is one option to consider. HSAs Three Tax Advantages  Contributions are tax-deductible.  Earnings are tax-deferred while in the HSA, and  Distributions are tax-free when you use them for qualified medical expenses....

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Inherited IRA documents on a table

Avoid Costly Non-Spouse IRA Beneficiary Mistakes in Five Easy Steps

If you inherit an IRA from a deceased loved one, it is crucial to know the complexities involved. Avoiding costly IRA beneficiary mistakes is crucial. Following the rules to manage the account effectively isn’t straightforward and varies depending on whether you are the deceased’s spouse, a non-spouse, or a trust beneficiary. With many long-standing retirement...

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IRA tiles stacked on top of money piles

Using a Tax Refund to Fund an IRA

Do you have a tax refund headed your way? Before splurging on that big-ticket item you’ve had your eye on, consider these quick tips for potential investment in your future. Depositing your tax refund into an IRA can reduce your tax bill and fund your future. If you have already retired, this may be a...

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Benficiary Note

Critical Changes for 2024: Avoiding Spousal Beneficiary Mistakes

Many are familiar with the adage, “Nothing is certain except death and taxes.” If you are married, a time will come when you or your spouse face a grim reality and consequent financial decisions. Unfortunately, when handling these financial matters, spousal beneficiary mistakes are common. Age and income are essential factors, and several unique options...

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60 day rollover IRA

Top 10 IRA Rollover Mistakes

There are many situations in which one may opt to rollover an IRA, such as inheriting an IRA from a spouse or changing employers. Each case comes with its own set of crucial considerations as IRA rollovers have common pitfalls that can result in costly errors if not executed properly.   Download our “Top 10...

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Couple discussing divorce finances.

Avoiding Financial Mistakes in Divorce

Divorce tends to present a myriad of difficulties as couples navigate their new normal. Oversight while splitting financial assets can result in one or both spouses paying unnecessary taxes and penalties. Despite settling a multitude of disputes, avoiding costly financial mistakes is an aspect of divorce in which most couples will find common ground. Ensure...

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IRA tiles stacked on top of money piles

2024 Retirement Plan Contribution Limits

Whether seeking to reduce your taxable income in 2024 or throughout your retirement future—it’s important to identify opportunities to maximize retirement savings. You can do this using Retirement Plan Contribution using company plans and IRAs. Rules will vary based on your income, age, and plan types, and many have been updated for inflation again this...

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Man at computer Checking Dates

Time-Sensitive Tax Planning: SECURE 2.0 Effective Dates

With the effects of SECURE 2.0 continuing to roll in, 2024 brings a wave of changes and little-known tax planning opportunities for us to discuss, including new rules affecting many spousal beneficiaries starting this year! From opportunities to move 529 balances into Roth IRAs to new ways to reduce required minimum distributions (RMDs), there are...

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Beneficiary words graphic

Beneficiary Form Checklist Opportunities

Marriage, divorce, birth, and death are all significant experiences that alter our lives. While consumed by the emotions and obligatory tasks that trigger from these occasions, few people have “update beneficiary forms” at the top of their to-do list. However, maintaining current, accurate designated beneficiary forms is critical to fulfilling the legacy you worked so...

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health care taxes image

Navigating Health Care Taxes

If you are above a certain income threshold, you may be subject to an additional Medicare surtax. Under The Affordable Care Act, the Medicare surtax requires an additional 3.8% tax on investment income for those above the threshold. Income from taxable interest, dividends, capital gains, and rental property income are all subject to the tax....

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60 day rollover IRA

Avoiding 60-day Rollover Mistakes in 5 Easy Steps

Rolling over retirement savings plans to an IRA is a common practice for employees transitioning to a new company or individuals simply looking to take advantage of the potential tax benefits of a traditional or Roth account. One method of rolling over funds to an IRA is a “60-day rollover,” which is the distribution of...

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The year is yours, What will you do with it?

Charting a Course for Financial Success: Year-End Actions for a Thriving 2024

As we stand on the brink of 2024, the air is filled with the promise of new beginnings and the opportunity to enhance our financial well-being. Amidst the resolutions to stick to budgets and increase savings, let’s not overlook a key element that often slips through the cracks: organizing retirement accounts. A Fresh Start for...

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year-end checklist

Maximize Your Future Using Our Year-End Financial Checklist

The holiday season is in full swing, marked by festivities, celebrations, and a whirlwind of to-dos. Amidst the joyful chaos, it’s easy to overlook critical financial tasks that can profoundly impact your future. As we approach the end of the year, now is the perfect time to illuminate your financial path by reviewing our comprehensive...

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100 dollar bills with the the words Charitable Giving on a piece of paper on top

Using QCD’s to fund a Charitable Gift Annuity

Are you considering making a gift to a charity or perhaps your Alma Mater? Consider using pre-tax IRA dollars to create a Charitable Gift Annuity.  If you are 70 ½ or older, you can make a Qualified Charitable Distribution or QCD straight from your IRA.  This distribution counts toward your required minimum distribution but is...

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HSA account paperwork

Navigating HSA Distributions: Your Essential Guide

As you diligently save in your Health Savings Account (HSA), you secure a financial safety net for future healthcare expenses. These accounts come with fantastic tax benefits, but like any IRS-regulated savings plan, there are rules for withdrawing funds. Breaking these rules can lead to unexpected tax bills and penalties. To avoid these pitfalls, it’s...

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Roth IRA distribution and taxes

Decoding Roth Distributions in 5 Easy Steps

When you first opened your Roth IRA account, you might have been under the impression that all distributions would forever remain tax-free. It’s a common misconception, and it’s essential to clarify because there are specific situations where Roth IRA distributions can indeed become subject to income tax. Roth Distributions Distributions encompass contributions, converted funds, and...

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Could Required Minimum Distributions Complicate Your Financial Future?

Picture this: You’ve spent years diligently building your retirement account, and now, it’s time to enjoy the fruits of your labor. Sounds great, doesn’t it? It can quickly become a financial headache if you’re hit with hefty penalties due to a missed or miscalculated Required Minimum Distributions (RMDs). RMD Withdrawal Amounts If you’re approaching 73...

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picture of 100 dollar bills and word charitable giving on a slip of paper

Qualified Charitable Distributions can be a Win/Win

As the holiday season approaches, we often find ourselves in a giving spirit. One way to make a meaningful impact is by supporting our favorite charitable causes. But did you know there’s a tax-efficient way to give back? It’s called a Qualified Charitable Distributions (QCD), and if you’re an IRA owner aged 70½ or older,...

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Notebook with words Roth Conversion

Simplifying Retirement Planning: Is a Roth Conversion Right for You?

Your retirement planning includes many moving parts. It’s natural to have concerns about managing your retirement accounts and ensuring you meet the requirements for taking your mandatory annual withdrawals, known as Required Minimum Distributions (RMDs). If you’re approaching age 73 and are a traditional IRA account owner, this might be one of the key reasons...

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Retirement Plan

Guidance for Maximizing Your Retirement Account Distributions

As a registered investment advisor, We understand that when it comes to retirement planning, your company-sponsored retirement plan plays a vital role in building your portfolio. With effortless contributions directly deducted from your paycheck, your retirement account grows steadily over time. However, when it’s time for a distribution, there are several crucial considerations to remember....

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Charitable Contributions

Maximizing Your Charitable IRA Beneficiary Designations

At RFG Wealth Advisory in Argyle, TX, we specialize in helping our clients navigate the complexities of estate planning, especially regarding qualified retirement accounts and charitable giving strategies. We understand that you may have unique needs and circumstances. Questions to Ask about Charitable Beneficiaries 1. Have you already designated a nonprofit organization or charity as...

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multiple beneficiaries words on computer screen

Avoiding Non-Spouse Beneficiary Mistakes

If you inherit an IRA from a deceased loved one, it is crucial to know the complexities involved. Following the rules to manage the account effectively isn’t straightforward and varies depending on whether you are the deceased’s spouse, a non-spouse, or a trust beneficiary. Understanding these differences, changes from the SECURE Act and the new...

Read More
Beneficiary words

Should You Update Beneficiary Forms Now?

Marriage, divorce, birth, and death are all significant experiences that alter our lives. While consumed by the emotions and obligatory tasks that trigger from these occasions, few people have “update beneficiary forms” at the top of their to-do list. However, maintaining current, accurate designated beneficiary forms is critical to fulfilling the legacy you worked so...

Read More
Health Care Taxes - Rolls of money

Navigating the Bumps in Health Care Taxes

If you are above a certain income threshold, you may be subject to an additional Medicare surtax or Health Care Taxes. Under The Affordable Care Act, the Medicare surtax requires an additional 3.8% tax on investment income for those above the threshold. Income from taxable interest, dividends, capital gains, and rental property income are all...

Read More
Fund an IRA

Avoiding 60-Day Rollover Mistakes

Rolling over retirement savings plans to an IRA is a common practice for employees transitioning to a new company or individuals simply looking to take advantage of the potential tax benefits of a traditional or Roth account. One method of rolling over funds to an IRA is using the “60-day rollover,” which is the distribution...

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