If you are handling the affairs of an IRA owner who died last year, you need to be on the lookout for certain IRS reports that show IRA activity last year. Joe Cicchinelli walks you through the year-of-death reporting process.
Good communication with your tax preparer is essential to make sure that your tax return is prepared correctly. Take these 2 Roth conversion tax scenarios as the perfect illustration of the necessity to communicate.
This week's Slott Report Mailbag inquires about the new once-per-year IRA rollover rule as well as the tax implications on an IRA-to-Roth IRA conversion. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here.
We still get many questions on how a taxpayer should report a QCD (qualified charitable distribution) on their tax return. Jeffrey Levine takes you through the IRS Forms to use and what you should write on certain key lines.
The April 15 tax-filing deadline is fast approaching. If you haven't yet filed your taxes, don't panic. You can request a six-month extension. Can you get the same extension to make a 2014 IRA contribution? This article provides that answer plus some helpful places to search online if you need a tax-filing extension.
IRAs are complicated, even more so if you believe one thing, but the correct rule is the complete opposite. These 5 common IRA myths spell trouble - taxes, penalties, hardships and missed opportunities - for those that believe them.
This week's Slott Report Mailbag examines a situation involving a spousal IRA beneficiary (the exact topic we detailed in this month's IRA Focus) as well as the procedure for reporting a tax-free IRA rollover during tax season (a key issue with April 15 right around the corner). Find the answers to these issues and more in this week's mailbag.
On Monday, we posted an article to The Slott Report detailing 3 reasons why you may want to use a Roth IRA instead of a 529 plan to help save for a child’s college education. Since then, we’ve received a fair amount of feedback from readers and follow-up questions, many of which asked if using a Roth IRA to pay for a child's education expenses now would impact their aid in the future. We have the answer.
If you turned age 70 ½ last year in 2014 and have a traditional, SEP or SIMPLE IRA, you must start taking required minimum distributions (RMDs) for that year and every year going forward. When is the required beginning date? IRA Technical Expert Joe Cicchinelli puts you on a deadline you must meet to avoid steep penalties.
For some time now, the cost of a college degree has been rising at perilously high rates, and as a result, the dream of one day going to college, for many, remains just that ... a dream. With college tuition and associated costs rising so dramatically, it’s no surprise that people are looking for new and creative ways to save for these expenses. One such alternative method involves the use of a Roth IRA over more traditional college savings vehicles, such as 529 plans and Coverdell education savings account. Here are three reasons why it may be a good move.
