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Advisors should take advantage of today’s low tax rates — and “do Roth conversions while taxes are on sale!” according to Ed Slott of Ed Slott & Co. Every advisor, Slott told ThinkAdvisor Tuesday, “should be having this conversation with their clients. This may only last for the next three years (2023, 2024, and 2025). After that, tax rates are scheduled to revert back up to previous levels.”

Suppose IRA owner leaves the account to a qualified conduit trust where both trust beneficiaries are minor children of the...

The “once-per-year” rollover rule is one of those IRA rules that has serious tax consequences and cannot be fixed if violated. Breaking the rule results in a taxable distribution and a 10% early distribution penalty if you’re under age 59 ½. Plus, any rolled over funds are considered excess IRA contributions that are subject to a 6% annual penalty unless timely corrected.

I had an old 401k, about 2700 in it (1700 Roth, 1000 Trad) and the plan was forced rolled over...

I had a 401k with less than 5k in it and left the company. I missed the communications about the...

Taxpayer age 63 has IRA and SEP IRA (not contributing) and a Solo 401k (currently contributing to) All accounts consist...

I’ve come across several custodians who will allow a bene IRA left to a trust, to be retitled in the...

To begin, my wife and I live overseas. This means that our extended deadline to file taxes is June 15....

You have likely heard of Health Savings Accounts (HSAs), and you may even understand the basics of how an HSA works. These accounts are really not too complicated. If you have a qualifying high deductible health plan, you may contribute to an HSA. Then, you can take tax-free distributions to pay for qualified medical expenses.

Client inherited an IRA this year. Original owner was past RBD age and has been taking RMDs. However, RMD had...