Year-End IRA Reminders

Wrong IRA Custodian?: Americans have over $5 trillion in IRA assets…but are your IRA assets with the “right” IRA custodian? Is your current custodian suitable for your planning goals? If not, consider relocating your IRA assets to a Multi-Generational IRA friendly custodian.

IRA Beneficiaries:

  • Did you inherit a traditional IRA this year? If the deceased IRA owner did not take his/her 2016 RMD before he/she passed away, you have until December 31st to take the year of death RMD.
  • Did you inherit a traditional or Roth IRA last year? If so, you have until December 31st to begin taking your required minimum distributions (RMDs) from that inherited IRA.
  • RMD rules apply to beneficiaries of both traditional and Roth IRAs.

Multiple IRA Beneficiaries: If you are one of several beneficiaries of an inherited IRA and you plan to take advantage of a Multi-Generational IRA distribution strategy, December 31st is the deadline for separate accounting.

Roth IRA Conversions: If you converted to a Roth IRA in 2016, those funds must leave the traditional IRA by December 31st.

IRA Rollover Limit: IRA rollovers are limited to 1 per year regardless of how many IRAs you have.

*REMINDER: Rollovers are restricted but trustee-to-trustee transfers are unlimited!

IRA Catch-up Contributions: Eligible IRA owners can take advantage of a “catch-up” contribution in addition to their regular contribution amount if they are at least 50 years old by December 31st.

More Updates


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

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Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

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