Mailbag

Two Cautions When Doing a Backdoor Roth Conversion

Monday, March 25, 2024
You might be thinking about contributing to a Roth IRA. One big hurdle to making these contributions is the fact that there are income limits that make high income individuals ineligible. For 2024, the phase out range for eligibility for Roth IRA contribution is between $230,000 - $240,000 for those who are married filing jointly and between $146,000 - $161,000 for single filers.
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Required Minimum Distributions and Eligible Designated Beneficiaries: Today’s Slott Report Mailbag

Thursday, March 21, 2024
QUESTION: I know you can delay taking your first required minimum distribution (RMD) until April 1 of the year after you turn age 73. If you convert your entire IRA into a Roth before that date, but after you turn age 73, do you still have to take your first RMD distribution? Or is no distribution required as the entire IRA is converted prior to April 1 of the following year?
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What is Retirement? Fantasy vs. Reality

Wednesday, March 20, 2024
Three times a week, every week, we add to the Slott Report. Two article entries and a mailbag. All factual, measurable information. “This is what to consider when you name a trust as your beneficiary.” “How much can a sole proprietor contribute to a SEP account?” “This is how you fix an excess IRA contribution.” On and on it goes. All excellent, helpful material.
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How SECURE 2.0 Impacts Company Plan In-Service Withdrawals

Monday, March 18, 2024
Retirement plan funds are designed for retirement, but Congress continues to make it easier for employees to pull out those funds while still working. The SECURE 2.0 law adds several new in-service withdrawals that can be made from 401(k), 403(b) and 457 plans.
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Tax Time Tips for IRAs

Wednesday, March 13, 2024
IRAs are an important, but often overlooked, part of your overall tax planning. As the deadline for filing 2023 tax returns approaches, it is a good time to incorporate your IRA plan strategies with your overall tax plan.
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More 401(k) SECURE 2.0 Changes Already in Effect – And On the Way

Wednesday, February 14, 2024
By now, you probably know that a number of SECURE 2.0 provisions pertaining to 401(k) (and other company savings plans) became effective this year. We’ve already discussed two of them in The Slott Report. The first is that Roth 401(k) accounts, like Roth IRAs, are now exempt from RMDs.
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