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IRA Planning Hub

We help families navigate evolving retirement account rules through continuous learning, disciplined planning, and fiduciary judgment.

Advanced Retirement Planning Guided by Continuous Learning

Individual Retirement Accounts (IRAs) or workplace plans often represent a substantial portion of a family's retirement savings. While the investment choices inside an IRA are important, many of the most significant planning decisions involve distributions, taxes, beneficiaries, Roth conversions, and coordinating multiple retirement accounts over time.

Tax law governing IRAs continues to evolve, particularly following the SECURE Act and SECURE 2.0. Decisions that appear straightforward can have long-term tax consequences for both account owners and beneficiaries.

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A Commitment to Technical Excellence

Our President, Dick Hewitt, is a member of Ed Slott's Elite IRA Advisor Group, a nationally recognized organization dedicated to advanced retirement account education. Membership provides ongoing access to specialized training, legislative updates, technical resources, and collaboration with professionals who focus extensively on retirement account planning.

For us, this is not a designation to display. It reflects our belief that continuous learning is an essential part of being a fiduciary. We invest in advanced education because our clients depend on us to help them navigate increasingly sophisticated financial decisions with sound judgment and current knowledge.

How Does IRA Planning Benefit Our Clients?

Retirement account rules have become increasingly complex as Congress has updated tax law through legislation such as the SECURE Act and SECURE 2.0. This is why managing distribution rules, beneficiary requirements, and Roth conversion strategies with the idea of account simplification is vital for both retirees and future heirs.

Our goal is to simplify these rules so our client families can make informed decisions with greater confidence.

Core planning areas

Where IRA planning makes the biggest difference

  • Developing a thoughtful withdrawal strategy can help preserve retirement assets while managing taxes throughout retirement.

    • Coordinate IRA withdrawals with Social Security, pensions, and taxable investment accounts.
    • Evaluate Required Minimum Distribution (RMD) obligations and available planning opportunities before distributions begin.
    • Consider how annual withdrawals affect taxable income, Medicare IRMAA surcharges, and taxation of Social Security benefits.
    • Balance current income needs with preserving assets for future years and potential beneficiaries.

  • Converting Traditional IRA assets to a Roth IRA may create future tax advantages, but timing matters.

    • Consider whether a Backdoor Roth IRA strategy may be appropriate for higher-income earners who exceed the Roth IRA income limits.
    • Evaluate whether converting assets during lower-income years may reduce lifetime taxes.
    • Consider how conversions affect current tax brackets, Medicare premiums, and other income-based provisions.
    • Qualified Roth IRA distributions to beneficiaries are generally income tax-free, making Roth assets attractive for many estate plans.

  • Recent legislation has significantly changed how many beneficiaries must distribute inherited retirement accounts.

    • Understand the rules that apply to Eligible Designated Beneficiaries, Non-Eligible Designated Beneficiaries, charities and other situations.
    • Evaluate the impact of the SECURE Act's 10-year distribution requirements where applicable.
    • Coordinate inherited IRA distributions with the beneficiary's own tax situation.
    • Review beneficiary designations regularly to ensure they remain consistent with estate planning objectives.

  • Many families accumulate multiple retirement accounts over decades of employment.

    • Review opportunities to consolidate eligible retirement accounts where appropriate.
    • One IRA distribution can satisfy the combined RMD for multiple Traditional IRAs when IRS rules permit (which is not true for many workplace plans, which is more reason to consolidate and simplify accounts).
    • A streamlined account structure often makes it easier for surviving spouses and beneficiaries to understand, administer, and distribute inherited retirement assets.
    • Review beneficiary designations after rollovers or account consolidations to ensure they remain current and consistent with your estate plan.

IRA Tax Reporting: Rules & Forms to Know

We referenced the myriad rules and regulations surrounding IRA accounts. We've simplified it into a digestible table with some of the more common rules and tax forms.

Common IRS Tax Forms for IRAs

IRS FormPurposeWhen You May Receive It
Form 1099-RReports distributions from IRAs and retirement plansAfter taking withdrawals, Roth conversions, rollovers, or other distributions
Form 5498Reports IRA contributions, rollovers, Roth conversions, and year-end account valueTypically issued after tax filing season for informational purposes
Form 8606Tracks nondeductible IRA contributions and reports taxable portions of Roth conversions and distributionsFiled with your tax return when applicable

Common IRA Rules to Know

RuleApplies ToWhat Is It?How to AddressIRS Form(s)
Traditional IRA DeductibilityTraditional IRA ContributionsYou get a tax deduction when contributing to a Traditional IRA. This tax benefit is sometimes phased out or eliminated completely depending on your income.Income < annual limit = Deduction. Income > annual limit = No deduction, file Form 8606Form 1040, Form 8606
Non-Deductible ContributionsTraditional IRA OwnersIf your income is too high, you can still contribute to a Traditional IRA, you just don't get the deduction (i.e. after-tax)File Form 8606 to track after-tax monies in a pre-tax account.Form 8606
Roth IRA Income LimitsRoth IRA ContributorsHigher-income earners may not qualify for direct Roth IRA contributions.Consider a Backdoor Roth IRA strategy if appropriate.Form 5498
Required Minimum Distributions (RMDs)Traditional IRA OwnersUncle Sam has never received his tax revenue from your pre-tax account. Therefore, you're required to withdraw a minimum amount each year after reaching the applicable IRS age.Review RMD requirements annually and coordinate withdrawals.Form 1099-R
Beneficiary DesignationsAll IRA OwnersIRA beneficiary designations control how retirement assets are transferred, not wills or trusts.Review beneficiaries after major life events and account changes.N/A
Roth ConversionsTraditional IRA OwnersYou can convert money from a Traditional IRA to a Roth IRA. The amount you convert is generally taxable in the year of conversion.Allows you to better manage taxes in retirement and pass on tax-free assets to heirs.Forms 1099-R & 5498
Qualified Charitable Distributions (QCDs)Eligible Traditional IRA OwnersDirect charitable gifts may satisfy all or part of an RMD.Coordinate QCDs with annual charitable giving and distribution planning.Form 1099-R

A Continuing Commitment to Education

IRA rules continue to evolve as Congress updates retirement legislation and the IRS issues new guidance. Remaining current requires ongoing education and careful attention to changing regulations.

Our commitment to ongoing IRA education reflects the same philosophy that guides every aspect of our planning process: remaining current on evolving tax law so we can provide thoughtful, well-informed guidance to the families we serve.

Slott Reports

These reports cover current, single subject issues with IRAs and company retirement plans.

Latest report

Time Is Running Out For Penalty-Free Correction of 2025 IRA Contributions

Read the report

Ed Slott Whitepapers

These whitepapers cover common questions and mistakes to help you quickly answer your questions.

For more IRA information, feel free to explore our resources:

Frequently Asked Questions

  • The Ed Slott Elite IRA Advisor Group is a national organization that provides advanced education and ongoing training focused on retirement account planning, tax law, legislative updates, and IRA distribution strategies.

  • No. Retirement account planning is one component of comprehensive financial planning. Our participation in the group strengthens our knowledge in this area while allowing us to integrate IRA planning with investment management, tax planning, retirement income, estate planning, and charitable strategies.

  • Families approaching or living in retirement, individuals with substantial retirement account balances, business owners, executives, military retirees, and those planning to leave retirement assets to future generations often benefit from a coordinated approach to retirement account planning.

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