This week's
Slott Report Mailbag includes a couple of detailed questions about the handling of retirement accounts after death. Click to read a Q&A with our IRA Technical Expert.
How do you become an IRA expert? You must devote substantial time and resources to a topic you are passionate about and never stop learning. That's what separates experts from those with foundational knowledge. Tax rules governing IRAs are always changing, and we make sure we know these updates and how they affect the IRA landscape as soon as possible. Here's a few of the questions we get from financial advisors and consumers about our methods for staying on top of the IRA world.
Whenever you move IRA money into another IRA at a different financial institution, it can be done in one of two ways. First, you could take a distribution from your IRA that is payable to you and roll over the money to another IRA. The second way is to transfer the funds directly from one IRA to another IRA. We recommend that you move IRA money using the direct transfer method to avoid problems. Click to find out why.
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.
