This past weekend, advisors from all across the country gathered at the Mirage Hotel and Casino in Las Vegas, Nevada to spend two days with the Ed Slott and Company team for our latest Instant IRA Success 2-Day IRA Workshop. Over the two days, there were – no doubt – hundreds of questions asked and answered by our team. Here are three of our favorites, along with the answers.
Our post-Instant-IRA-Success Slott Report Mailbag examines two issues we covered extensively in Las Vegas. We answer a consumer's question on how to take a required minimum distribution (RMD) prior to taking a Roth conversion. Also, we provide guidance on whether a spouse with no taxable compensation can make an IRA contribution.
There are two types of tax reporting for IRA accounts: the reporting that is mandatory for IRA custodians and the subsequent reporting that must be done by the IRA owner or beneficiary. Here's what you need to know about each.
With tax season well underway, you may be considering contributing to an IRA. For many people, the IRA options are confusing. There are traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Which IRA is right for you? Well, if you are not an employer and are not self-employed, you may not decide on your own to contribute to a SIMPLE or SEP IRA. That leaves traditional and Roth IRAs. Which is best for your retirement savings needs? We examine your options.
On Tuesday, February 9, 2016, President Obama released his Fiscal Year 2017 Budget – his final budget proposal as President of the United States. Having seen none of his 14 retirement account-related proposals from last year’s budget enacted, the President has included them all again in this year’s budget. In addition, this year’s budget features one additional significant retirement account-related change. In this article, you will find a complete list of the 15 provisions in the President’s budget that directly relate to retirement accounts. For each, you’ll see whether they are new or carryovers from previous years, a description of each, as well as some commentary to provide insight and perspective.
The qualified charitable distribution (QCD) questions keep rolling in - and we aren't surprised. After all, the QCD provision is one of the biggest breaks in the tax code and it's of tremendous value to the charitably inclined. In this week's Slott Report Mailbag, we also walk a reader through the general IRA beneficiary provisions in a community property state.
It generally takes about 30 seconds to complete a beneficiary form, and that is about all the consideration that is given to the document. Do you realize that the beneficiary form determines who will receive what could be a significant portion of your estate? Learn more about the beneficiary form's power in today's blog post.
This week's Slott Report Mailbag examines how to take advantage of net unrealized appreciation (NUA) - one of the BIGGEST breaks in the tax code - along with answers to two questions on qualified charitable distributions (QCDs).
Did you take your RMD from your IRA for 2015? Hopefully, the answer is yes because for most IRA owners and beneficiaries the deadline for taking a 2015 RMD was December 31, 2015. There is an exception. If you reached age 70 ½ in 2015, you still have time. Your deadline for taking your 2015 RMD from your IRA is April 1, 2016. However, if you missed your 2015 RMD, stay calm and follow these three steps.
Here's the 10 most amazing, surprising and/or illuminating facts about retirement that I read in January. Before each fact, you will find my own brief commentary, and after each fact, you will find the original article from which the fact was pulled should you be interested in further reading.
