Site search

I am retired and have a company 401k that contains both pre-tax and after-tax money. I am considering transferring the...

It’s my understanding that 401(k)’s that have basis can be transferred to a new a new employer’s plan without the...

Recently, Presidential candidate Mitt Romney indicated that a $17,000 cap on itemized deductions could be used as a way to help pay for his plan to cut tax rates across the board.This has caused some to wonder how their deduction for an IRA contribution would be affected by such a provision.Thankfully, the answer is both favorable and easy to understand. It wouldn't be! That's because IRA deductions are not itemized deductions and therefore, would not be impacted at all.

Greetings, I have a client that was one of two named beneficiaries (brother….20 years older) on an IRA owned by...

If you are thinking about making a charitable donation for this year, you might use money from your IRA to do so. If an IRA distribution is used to make a charitable donation, the IRA distribution will be taxed even though the money went to a charity for a worthy cause. If you are under age 59 ½ on the date of the distribution, you will also be subject to the IRS 10% early distribution penalty, unless there’s an exception such as disability. We covered that exception in an answer to a question in last Thursday's mailbag.

I hear this a lot. "The contribution is to a non-deductible IRA." Or, "I have a non-deductible IRA." There is no such thing as a non-deductible IRA. There are non-deductible contributions made to an IRA. Think about it. Even if a contribution is made to a non-deductible IRA, it will not remain entirely non-deductible for long. There are some sort of earnings on the account – even if it is invested in a money market IRA. Would you make a contribution to an IRA that guaranteed no earnings for as long as you had any funds in the account?

I represent an estate. The deceased owned had named her three children as equal beneficiaries of all of her IRAs....

Sir/Madam, I have a client with a $750,000 balance in a 401k account. $11,000 of this represents the after-tax contributions...

This week's Slott Report Mailbag includes questions on whether an employer plan allows for distributions and rollovers when an employee stops working for that employer, how to compute the taxes on an IRA and an inherited IRA and whether or not a disabled individual can take an IRA distribution before a certain age.

I have a client who invested in a Private Placement of stock in a traditional IRA. The Custodian traditionally gave...