The term “self-directed IRA” can be confusing, given that account owners choose whichever stock or mutual fund they want to buy within their IRA, and how much to purchase and how much to sell.
Ed Slott is a nationally recognized IRA distribution specialist, professional speaker, television personality, and best-selling author.He is known for his unparalleled ability to turn advanced tax strategies into understandable, actionable, and entertaining advice
Two tax and retirement specialists say a recent IRS publication has thrown IRA inheritance planning into chaos, but that advisors shouldn’t make changes just yet.
Until the release of IRS Publication 590-B (Pub 590-B), retirement and tax experts told advisors that 2019’s SECURE Act required that the entire balance of an inherited IRA be withdrawn by Dec.31 of the 10th year following the original account owner’s death, but that no annual required minimum distributions (RMDs) would be necessary, said Ed Slott, founder of Ed Slott and Co.
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
If you are working with an eye towards retirement or even semi-retirement, you are probably (hopefully) saving more than you could in the past in your retirement accounts.You may have paid off the mortgage and paid for college and other heavy expenses of raising children
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
In late March, IRS released IRS Publication 590-B, which contains the tax rules on withdrawing funds from individual retirement accounts.Normally this is a wrap-up of rules to use as guidance in preparing tax returns
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.
