Advisor recommendations on IRA rollover transactions are fiduciary advice under the Labor Department’s proposed new fiduciary rule, and “would fall within the scope of investment advice,” according to Ed Slott of Ed Slott & Co.
Advisors are “getting hammered” with one big year-end tax question from clients now, according to IRA and tax expert Ed Slott: Do I have to take a required minimum distribution for 2023?
While it “sounds simple,” Slott of Ed Slott & Co. relayed, RMDs “are confounding advisors this year like never before.”
Advisors should take advantage of today’s low tax rates — and “do Roth conversions while taxes are on sale!” according to Ed Slott of Ed Slott & Co.
Every advisor, Slott told ThinkAdvisor Tuesday, “should be having this conversation with their clients. This may only last for the next three years (2023, 2024, and 2025). After that, tax rates are scheduled to revert back up to previous levels.”
This week, President Joe Biden released a proposed federal budget that would raise taxes on the wealthiest Americans to help address the solvency of key federal government entitlement programs such as Medicare and Social Security.
While a recent Investment Company Institute survey indicates that contributions to IRAs are low — likely because IRA rules are “complicated” — advisors are also confused about the rules, according to IRA and tax expert Ed Slott of Ed Slott and Co.
The new provision in the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act allowing unused 529 plan funds to be rolled into Roth IRAs, which becomes effective in 2024, includes “lots of limitations,” according to IRA and tax expert Ed Slott of Ed Slott and Co.
As a financial planning concept, the subject of tax diversification is relatively simple: It means utilizing a number of different types of investing and savings accounts that are taxed differently for federal and state income tax purposes.
But, as explored in the latest episode of the Great Retirement Debate podcast hosted by Ed Slott and Jeff Levine, putting the concept of tax diversification into practice is anything but simple, especially when it comes to planning for retirement.
Financial advisors have a slew of new retirement and estate tax planning opportunities to capitalize on in 2023.Hit the ground running by communicating these ideas to your clients early in the year
Doing a reverse rollover — in which money is rolled from an IRA to a 401(k) — still makes sense for clients that want to take advantage of a “backdoor” Roth IRA conversion or delay required minimum distributions, according to Ed Slott and Ian Berger of Ed Slott and Co.
The IRS’ recently released proposed regulations on how to handle required minimum distributions under the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019 are effective now.
While the IRS’ recently released regs “are called ‘proposed’ regulations, they are not like proposed tax laws which are not effective until signed into law,” Ed Slott of Ed Slott & Co.told ThinkAdvisor in a recent email.
