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Question: Good afternoon, Mr. Slott. I am trying to complete my taxes for last year, and the tax agent is stating that, because I had two 401(k) rollovers (each from a different employer), that I would be charged a penalty for one of these.

The children want to set up a 10 year deferral and want to know if they have to take the...

Dear Ed Slott Team: I have a client who completed his TSP rollover paperwork incorrectly in Nov, 2021. He had...

Many sections of the tax code are confusing, but section 457(b) is one of the major offenders. Within that section are the rules for two different types of company retirement plans -- governmental plans, and “top hat” plans for management employees of tax-exempt employers like hospitals.

Hello- If someone moves both the after-tax contributions and earnings on those contributions from a 401k to a Roth IRA,...

SCENARIO: Teddy, age 60, has an existing Traditional IRA with a current balance of $93,000. This is all deductible, pre-tax money. Teddy would like to contribute to a Roth IRA, but his income level exceeds the Roth IRA income threshold. To skirt this problem, Teddy makes a 2021 $7,000 non-deductible contribution to his Traditional IRA with the idea to then covert the $7,000 as a Backdoor Roth.

As Executer of my mother’s estate, all assets passed as POD or TOD. She passed before taking her RMD. Our...

Client left employer over the Summer to start her own company (Single member LLC with no employees) and her accountant...

I have a client that died 10+ years ago, and had already started taking his RMD’s. The IRA’s were left...

Client age 54 rolled over $1 million from his 401k plan to his IRAs in March 2021. The $1 million...