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Can you deduct a loss in your IRA or Roth IRA? The answer is yes, if you meet the criteria. It is much easier to deduct a loss in a Roth IRA than in a traditional IRA because Roth IRAs generally hold more basis than a traditional IRA. Basis in a traditional IRA comes only from nondeductible contributions and/or rollovers of after-tax funds previously held in an employer plan. Basis in a Roth IRA comes from Roth IRA contributions, Roth IRA conversions and most rollovers from designated Roth accounts (i.e. Roth 401(k) funds). Here are the six steps.

CLIENT TURNS 70 IN MAY THIS YEAR SO SHE WILL BE 70 1/2 AS OF NOVEMBER IN THE SAME YEAR....

This week's Slott Report Mailbag looks at possible miscues and how to handle them. What constitutes an excess Roth IRA contribution? One individual below has to deal with the 6% penalty while another doesn't. We explain why.

Roth IRAs can be powerful retirement planning tools. They allow you to put money aside today that can grow tax free for the remainder of your lifetime, and there are no required minimum distributions, like there are for traditional IRAs. Of course, nothing worth having in life comes without a cost, and the Roth IRA is no exception. Here's how to grow your Roth IRA account without growing your bill at tax time.

When you take a distribution from your traditional IRA, you will owe taxes in most cases. Uncle Sam wants to be sure those taxes are paid. The good news, however, is that there is a lot of flexibility when it comes to withholding on your IRA distribution. Here is what you need to know.

Client moved old TIRA into her current active employer’s qualified plan a few years back as a rollover under the...

I was asked to assist a recent 68 y.o. widow whose 70 3/4 yr old professor husband died Nov 30,...

I recently retired and chose to close out my non-governmental NQDC 457(b) plan. After doing so, a financial advisor indicated...

This week's Slott Report Mailbag looks at the issues involved when an IRA beneficiary must take missed required minimum distributions (RMDs) for the original account owner, answers a question about the backdoor Roth IRA conversion and outlines the process of making SEP IRA contributions and converting those to a Roth IRA.

While conventional IRAs and 401(k) plans have limits related to your earned income, is there a similar limit for solo...