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.
Do you have clients who took coronavirus-related distributions, or CRDs, in 2020?If so, they face an immediate decision about how to include the CRD in taxable income
From the SECURE Act to the CARES Act to the Tax Cuts and Jobs Act, a lot has changed in the last five years regarding retirement, income tax, and estate law changes and provisions enacted.As if retirement planning wasn’t already difficult enough for Americans to navigate, but with Congress constantly overhauling the tax system, it’s vital to be on top of the latest retirement and tax planning strategies.
In this video interview, Ed Slott, author of The New Retirement Savings Time Bomb walks through five actionable steps to protect your retirement savings from the taxman.
Christine Benz: Hi, I'm Christine Benz for Morningstar.The SECURE Act, passed in late 2019, brought about the demise of the so-called "stretch IRA." Joining me to discuss the implications for tax and retirement planning is tax and retirement expert, Ed Slott
Q: Early last year I took my 2020 required minimum distribution (RMD) from my IRA, but later in the year the tax law waived RMDs, so I returned the funds.By doing this, I thought this was all taken care of, meaning that I thought I was “zeroed” out with no tax due.
But now it's tax time, and I have two issues I'd like help on.
