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.
Congress passed several relief bills to ease the financial burdens on struggling American workers during the pandemic.A provision of The Coronavirus Aid, Relief, and Economic Security Act allowed workers of any age to withdraw up to $100,000 penalty-free from their company-sponsored 401(k) plan or individual retirement account in 2020
Saving money for retirement can be hard, especially if you are behind or cannot save much.For some people retirement is the last thing on their mind
f you’re young and saving for retirement, it’s “not even a question” which type of investment account you should choose, says IRA expert Ed Slott, a certified public accountant and founder of Ed Slott & Company.“You should always invest through a Roth IRA,” he says
The highest-earning New Yorkers are about to be hit with a tax hike.
The New York state Senate and Assembly late Wednesday passed a $212 billion budget proposal after lawmakers reached a deal with Democratic Gov.Andrew Cuomo.
President Joe Biden campaigned on a promise to not raise taxes on middle-class Americans.But a little-known provision in his proposed tax reforms could do just that.
One way the Biden tax plan may try to raise revenue to fund the administration’s $3 trillion infrastructure bill is by changing the way capital gains taxes are administered at death.
Both Roth IRAs and Roth employer plans have been available for many years, and by now most advisers and their clients, are aware of the substantial value of these accounts.Roth accounts can provide years of tax-free earnings and withdrawals.
While retirement savers may be aware of these benefits, many count themselves out too soon by mistakenly believing they are not eligible to contribute.
Ed Slott doesn't look the part of media megastar.
The bespectacled, silver-haired certified public accountant can walk near his office in Rockville Centre or his home in Oceanside unrecognized and unaccosted.
But in the world of retirement advice, the Slott brand is nearly everywhere.
Ed Slott and Company LLC runs workshops for legions of retirees and financial advisers nationwide.(Slott estimates "hundreds of thousands" in the past 20 years.) He has authored or co-authored more than a dozen books like the newly released "The New Retirement Savings Time Bomb" and "Your Complete Retirement Planning Road Map: The Leave-Nothing-to-Chance, Worry-Free, All-Systems-Go Guide."
Christine Benz: Hi, I'm Christine Benz for Morningstar.With most taxpayers claiming the standard deduction, that means they don't receive credit for charitable giving on their tax returns
As new $1,400 stimulus checks start arriving, some people may be asking why they received less than they were expecting — or no money at all.
This third round of direct federal payments was authorized by Congress and President Joe Biden earlier this month through the $1.9 trillion American Rescue Plan.
