Think Advisor

The elimination of backdoor Roth IRA conversions has made it back into the latest version of House Democrats’ tax and spending bill.

President Joe Biden’s Build Back Better framework excluded the retirement planning provisions that were approved in the House Ways and Means Committee’s Build Back Better bill in mid-September.

House Ways and Means Committee Chairman Richard Neal’s plan to usher in several changes to individual retirement accounts “will not likely see much pushback because most people will never have to worry about their IRA balances exceeding $20 million,” IRA and tax specialist Ed Slott of Ed Slott & Co.told ThinkAdvisor late Monday in an email

Solo 401(k)s — in addition to company 401(k)s — can help clients save additional retirement money on an after-tax basis, even with the possibility of converting them to mega backdoor Roth IRAs, but there are rules, according to Ian Berger, an IRA analyst with Ed Slott & Co.

IRA data released from the Joint Committee on Taxation revealing some mega-million dollar IRA and Roth IRA balances has set off alarm bells, with Congress citing shock and “abuse” and looking for something to do about this.But there is really no story here when you look at the numbers

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.

A new study by the Investment Company Institute shows U.S.households’ missed opportunity in maximizing IRA contributions, according to IRA expert Ed Slott, an area where advisors can provide “significant value.”

The Internal Revenue Service and Treasury Department issued new guidance Wednesday ending the prohibition on “double dipping” when it comes to expenses paid with funds from Paycheck Protection Program loans.

Ed Slott, the Rockville Centre, New York-based CPA, editor of the newsletter Ed Slott’s IRA Advisor, and author of “The New Retirement Savings Time Bomb” (Penguin Books), to be released in March, recently talked to ThinkAdvisor with some advice about how tax law changes.Here are excerpts from our interview:

The Securities and Exchange Commission’s Regulation Best Interest requires advisors and broker-dealers to have a process to document their rollover recommendations — something most advisors don’t have, warns IRA and tax specialist Ed Slott.

The Securities and Exchange Commission’s Regulation Best Interest requires advisors and broker-dealers to have a process to document their rollover recommendations — something most advisors don’t have, warns IRA and tax specialist Ed Slott.