Ed Slott and Company IRA Technical Consultant Jeffrey Levine details three main 2013 tax and revenue raising provisions to keep your eye on and plan for as summer flies by (we are nearly three-fourths of the way through the calendar year!) One of those provisions is a surtax on net investment income brought on by President Obama's health care law.
Employer retirement plans such as 401(k)s and SIMPLE IRA plans offer a matching contribution to employees who choose to contribute. These plans provide that your employer will match some portion of the amount you contribute to your retirement account.
Ed Slott, America's IRA Expert, talks about halftime in 2012 and the upcoming July 4th holiday as a backdrop for moving more of your money from FOREVER taxed to NEVER taxed while tax rates are at historic lows. Ed provides some key 2012 retirement planning strategies, including Roth IRAs and Roth 401(k)s
You made after tax-contributions to your IRA. How does IRS know that you have after-tax money in your IRA? We explain below.
The Supreme Court upheld President Barack Obama's 2010 Health Care Law, the Affordable Care Act, with a 5-4 "up" vote on its constitutionality based on Congress' taxing power. Regardless of your politics, with the Supreme Court's decision, there is more certainty that health care taxes, what we call the health care surtax, will take hold on high-income earners in 2013. Ed Slott outlines what the Supreme Court ruling means for YOUR taxes and retirement planning situation in this IRAtv video below:
This week's Slott Report Mailbag includes your questions (and our answers) on inherited IRA distributions, SEP IRAs and the pro-rata tax rule
A Simplified Employee Pension (SEP) is a plan that allows businesses to make retirement contributions for its employees and owners without getting involved in more complicated qualified plans. Under a SEP, the contributions are deposited to a traditional IRA, sometimes called a SEP-IRA, set up by each eligible employee.
The Wall Street Journal's weekend edition featured an article by Kelly Greene on how IRAs are about to get trickier due to Uncle Sam tightening his belt on individual retirement account mistakes. The agency will report to the Treasury Department on how to recoup penalties from those who make IRA errors.
IRS recently completed a SEP plan compliance project and found errors by both the SEP employer and by the financial institution filing SEP contribution information. Below we outline the errors made by the employers and the financial institutions.
This week's Slott Report Mailbag answers your questions on IRA rollovers, the Roth conversion conversation when dealing with Social Security benefits as added income, and inherited IRAs. We answer situational questions asked by individuals, couples, and parents who are searching for the best way to leave an inherited IRA to their daughters.
