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We have a client who finalized their divorce in February 2023.  During the marriage, each was the primary beneficiary to...

You might be thinking about contributing to a Roth IRA. One big hurdle to making these contributions is the fact that there are income limits that make high income individuals ineligible. For 2024, the phase out range for eligibility for Roth IRA contribution is between $230,000 - $240,000 for those who are married filing jointly and between $146,000 - $161,000 for single filers.

After establishing back door IRA HOW LONG YOU HAVE TO WAIT BEFORE CONVERTING TO ROTH? For tax purpose are other...

Clients each contributed $13,000 to their IRA’s early in 2023, $6,500 for 2022 and $6,500 for 2023, and then immediately...

My client passed away in January, 2023 at age 87.  The client had been receiving a pension from this employer...

QUESTION: I know you can delay taking your first required minimum distribution (RMD) until April 1 of the year after you turn age 73. If you convert your entire IRA into a Roth before that date, but after you turn age 73, do you still have to take your first RMD distribution? Or is no distribution required as the entire IRA is converted prior to April 1 of the following year?

Hi I have a situation where I accidentally rolled over my traditional 401k money into a roth IRA (about 45k)...

Three times a week, every week, we add to the Slott Report. Two article entries and a mailbag. All factual, measurable information. “This is what to consider when you name a trust as your beneficiary.” “How much can a sole proprietor contribute to a SEP account?” “This is how you fix an excess IRA contribution.” On and on it goes. All excellent, helpful material.

Hello: My wife and I are both retired. One of us have an earned income of about 11000. Other one...

After efiling our 2023 Federal tax return last week via TurboTax, I discovered that I had neglected to include information...