This week's Slott Report Mailbag includes questions about the effects from contributions and rules on retirement plans. Click to read a Q&A with our IRA Technical Expert.
An issue we recently discussed with a financial advisor highlighted the rule that there are two separate parts to a SEP (Simplified Employee Pension) plan. If both parts of the SEP are not executed, then severe tax consequences can result to both the employer and any eligible employees. We detail the two parts of a SEP IRA below.
Ed Slott's Elite and Master Elite IRA Advisor Groups are convening this week at the Rosen Centre in Orlando, Florida for our semi-annual workshop. Are you a financial advisor interested in what makes Ed Slott's Elite IRA Advisor Group different from other training groups, or a consumer intrigued by what being an "Elite Advisor" means for you as a client of an educated advisor? Click for details!
IRS has announced that they are going to go along with the Tax Court decision in the Bobrow case, but they won’t do so until at least January 1, 2015. What's this mean? We detail this ruling below.
This week's Slott Report Mailbag includes questions about retirement planning funds on the move, namely withdrawing funds and dealing with its tax consequences. Click to read this week's Q&A with our IRA Technical Expert.
How do I tell IRS that my IRA distribution or Roth conversion is not taxable? We get this question fairly frequently at tax time - especially if the client has done a "backdoor" Roth conversion. Click to find the answer and more information on After-Tax IRA Contributions, Distributions, and Conversions at tax time.
This week's Slott Report Mailbag focuses on a SEP IRA conversion to a Roth IRA. It's an interesting question (one we don't get often), so we decided to put a spotlight on the issue in this week's mailbag. Click to read a Q&A with our IRA Technical Expert.
Prohibited transactions are a list of things that you cannot do with your retirement account. In fact, they are one of the worst things you can do with a retirement account. When a prohibited transaction occurs, your entire IRA is deemed distributed as of January 1 of the year you made the prohibited transaction. This can lead to any number of negative consequences, the least of which include massive taxation and penalties. Since the prohibited transaction rules are so important, the basic information can be readily found in IRS publications and other places on the web, but here are 3 things most people don’t know about them.
As we approach the April 15, 2014 tax filing deadline, one of the things you have to report on your tax return is an IRA-to-IRA rollover. Whether you’ve already filed your taxes for 2013 or you’re waiting until the last minute, here is how to correctly report a tax-free IRA-to-IRA rollover. Don’t assume that because an IRA-to-IRA rollover is tax-free that it doesn’t need to be reported on your tax return; it has to be reported!
In a recent 60-day rollover private letter ruling request, an individual was allowed to complete a rollover of only a portion of his IRA distribution. Click to find out what happened.
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