IRAs can be tricky, especially when you are a beneficiary trying to convert the funds to tax-free territory. We answer a question on that subject, as well as questions on IRA rollover rules and Roth IRA distributions in this week's Slott Report Mailbag.
In another installment of MarketWatch's video series, Andrea Coombes interviews Ed Slott and Jack Nuckolls about the complexities of IRAs and taxes, while asking a question many consumers are asking their financial advisor at this very minute: Is it time for a Roth IRA? This video walks you through the process along with the Roth conversion conversation every consumer should have with their financial advisor. This video is part of a three-video series.
The area of creditor protection and inherited IRAs has been a murky one. On one hand, IRAs are intended to provide for the account owner in his or her retirement not for the retirement of their children. On the other hand, the Tax Code allows inherited IRAs to remain tax deferred (when certain conditions are met) until distributions are taken from the account.
IRS released proposed regulations regarding the establishment of "qualified longevity annuity contracts" (QLACs) on Friday February 3, 2012. The new QLAC rules will allow you to purchase certain annuity contracts with a portion of your retirement assets that you will be able to exclude from your required minimum distribution (RMD) calculations.
It is becoming more and more evident that in order to have an adequate income in retirement, at least some of your income is going to have to come from your savings. Don’t overlook the ability to make IRA contributions to supplement other retirement savings you might have. You have until April 17, 2012 to make a contribution for 2011. Below are some frequently asked questions and our answers.
This week's Slott Report Mailbag includes your questions (and our answers) on IRA contribution limits, Roth IRA distribution rules and using the pro-rata rule.
For many who have IRAs, they are looking to use those funds in a down economy. But IRA distributions come with strings attached. There is income tax due on most IRA distributions since IRA funds are generally pre-tax funds.
Life insurance is not only the single biggest benefit in the tax code, but it is also the most cost effective way to protect a large-balance IRA. Many owners of large-balance IRAs are concerned about protecting IRA values during volatile markets. Life insurance proceeds can do just that with its incredible leverage.
This week's Slott Report Mailbag features questions (and our answers) about inherited IRAs, SEP IRAs and Net Unrealized Appreciation. Quick to read a Q&A with our IRA Technical Consultants.
This week's Slott Report Mailbag delves into the oftentimes complicated world of required minimum distributions (RMDs). We look at RMDs after conversions, recharacterizations and the "still-working" exception. We also answer a question about when you can recharacterize a Roth IRA conversion.
