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The year-end required minimum distribution (RMD) questions are starting to come in. This one came in from an advisor. Melissa and her spouse Gary both turned age 70 this year. Melissa’s birthday is in May and Gary’s is in September. Who has an RMD for this year?

Client has 3 step children. She did not adopt them. a. When she passes, is the tax consequence on the...

This week's Slott Report Mailbag answers questions on the tax "sweet spot" in retirement, the tax and penalty impact on a non-spouse beneficiary's inherited Roth IRA distributions and the future of the stretch IRA.

Clients are married.. 70 y/0 Children are mid 20’s. Attorney advised to name a Revoc Trust as Bene..After the surviving...

ABLE (Achieve a Better Living Experience) accounts are a brand new type of tax-favored savings account created to benefit young disabled persons. One of the questions that has been asked with increasing frequency is, “Should I use a special needs trust or an ABLE account to safeguard my money [for my special needs beneficiary]?” We outline 5 key areas to consider, along with a brief description of whether an ABLE account or special needs trust gets the edge in that area.

The situation is as follows: Traditional IRA funded with after-tax contributions Old 401(K) plan with former employer funded by pre-tax...

Are you self-employed or a small business owner and your business expenses go on your individual tax return? If so, and you have an extension for filing your 2014 federal income taxes, you may want to consider making a SEP contribution for 2014. It is not too late! Here is how it works.

Question on NUA and after-tax contributions. We recently initiated a rollover from 401K to an IRA. The 401K contained 800K...

48 year old Spouse of 48 year old decedent rolls decedent’s 401k into an inherited IRA in 2014. Can Spouse...

In most cases, an IRA owner who names a trust as the beneficiary of their IRA names either the spouse or a child as the trustee of the trust. This may not be the best option, especially if they cannot answer the following 15 questions.