A taxpayer was recently given bad advice by his CPA of two decades. In a just released private letter ruling (PLR), "Tom" was given an extension to complete an IRA rollover due to advisor error. Don't make this same mistake.
Paying for college is challenging enough. Paying for college while saving for retirement can be nearly impossible. There is only so much money to go around. Roth IRAs can be a great way to bridge the gap between paying for college and saving for your own retirement. But be careful to avoid this trap that could cost you in lost financial aid dollars.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, answers questions on claiming IRA fees as a tax deduction and whether or not you should have a separate Roth IRA for every conversion.
Young savers are impressionable. They read an article on a credible website and think it's full of actionable ideas they should start implementing. However, young savers, please don't follow James Altucher's advice on 401(k) planning. Here's why.
If you are over age 55 or are trying to find assistance for someone who is, you may not know what questions to ask or where to look for benefit assistance and programs. But there is help. Read on for more information on BenefitsCheckUp.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, includes questions on some key IRA principles - taking IRA distributions, handling an inherited IRA as a non-spouse beneficiary and navigating required minimum distributions (RMDs).
The rules governing the 3.8% surtax are incredibly complicated, and it is unlikely that you will ever need to know more than a handful of them. If you have an IRA or other retirement account, that handful of rules likely includes one or more of the three discussed in this article.
Who is answering the phone when you call an 800 number with a question about your employer plan? In many cases it is a “retirement education specialist.” I recently saw an ad for this position. Here is what the retirement education specialist is responsible for.
We were recently asked whether you can use your IRA to buy health insurance. The short answer to that question is yes, but it will cost you. We explain the tax and penalty implications and possible exceptions for which you may qualify.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, includes questions on concluding if the "age 55 rule" is applicable and understanding the transfer of the estate tax exemption.
