One of the most common Roth IRA questions I'm asked is, "Should I make a Roth conversion?" While Roth conversions can make sense at any age, depending on your particular circumstances, generally speaking, the younger you are, the more it makes sense. In this article we go over 3 reasons to wait until you retire to make a Roth conversion.
The IRS released the 2013 version of IRS Form 8880, Credit for Qualified Retirement Savings Contributions. The form is used to claim a federal income tax credit, known as the “saver’s credit,” if you make IRA contributions or certain salary deferral contributions to your company’s retirement plan, such as a 401(k) plan. Click to find out the criteria needed for receiving this credit.
In the current issue of its newsletter, Employee Plans News (Issue 2013-3, September 13, 2013), IRS has an article on one of the differences between divorce and legal separation as it impacts employer retirement plan rules.
This week's Slott Report Mailbag looks at naming minors as IRA beneficiaries, something we cover in some depth in other articles, as well as the RMD (required minimum distribution) rules around annuities. Click to read a Q&A with our IRA Technical Expert.
A SEP, or Simplified Employee Pension Plan, is an IRA-based employer retirement plan that’s very similar to a profit sharing plan. All SEP contributions are made by your employer. The employer decides how much to contribute for the year, anywhere from 0% to 25% of an eligible employee’s compensation with a maximum of $51,000 for 2013. After your employer decides how much to contribute, that contribution will be deposited into your IRA. Note that SEP contributions can never be made into your Roth IRA or your SIMPLE IRA.
The Department of Labor’s Employee Benefits Security Administration (EBSA) issued Technical Release 2013-04, describing its position on the recognition of same-sex couples with respect to employer retirement plans and other employee benefits as a result of the Supreme Court’s decision in United States v. Windsor. We explain the details of the decision below.
We are going back to basics in this week's Slott Report Mailbag with questions revolving around the foundation of IRA planning. Converting and accessing funds and avoiding penalties are the fundamental keys you and your financial team grapple with each day.
Life events happen. Marriage is one of those major life events that make you focus on not just the present, but the future. Ed Slott and Company IRA Technical Consultant Jeffrey Levine got married this past Sunday then sat down to talk about how you can name a non-spouse beneficiary of your retirement account.
The sequester is coming! The sequester is coming! That is all you heard in February and March. What does that mean for you?
This week's Slott Report Mailbag discusses Roth IRA contributions, conversions and the availability of certain employer-sponsored retirement plans. Click to read a Q&A with our IRA Technical Expert.
