This week's Slott Report Mailbag looks at the Roth IRA 5-year rules and how they apply to an investor who wants to start taking distributions from his Roth IRA. Also, it's year-end, so we look at a popular question involving the process of determining if you have a required minimum distribution (RMD), and if so, how much.
Have you taken your required distribution this year? Make sure you avoid the 50%, yes 50%(!), RMD penalty by asking yourself these 10 questions before year-end.
Many of you have asked us if Congress will reinstate Qualified Charitable Distributions (QCDs) for 2014. As of today they have not yet been reinstated for 2014, but that doesn’t mean Congress has forgotten about them. Here’s the latest on what’s happening.
A taxpayer simply wanted sound financial advice. Instead she received compounding errors, headaches and a trip to IRS. In this month's Ruling to Remember, we examine advisor and custodian errors that lead to an IRS Private Letter Ruling on an IRA to SIMPLE IRA rollover.
You need to take a required minimum distribution from your employer retirement plan this year, but you moved the plan assets to an IRA without taking the RMD. That's the first mistake. We discuss how to fix it without compounding your error in today's article.
This week's Slott Report Mailbag sheds like on the titling of an inherited IRA and looks at the maneuvering of retirement assets through the disclaimer process. Read on to receive the answers to questions on these two important IRA planning topics.
It’s December already, and you’ve just realized that you haven't been withholding enough income taxes so far this year and/or you haven't been making the proper quarterly estimated payments in 2014. You will likely owe a penalty unless you do something to fix the problem before year end. That's where your IRA comes in. We explain a trick to reduce, or even eliminate, any estimated tax penalties you might otherwise owe.
If you’re the beneficiary of a deceased IRA owner, December 31, 2014 is an important date. If the decedent died in 2013 or earlier, you generally have to take a required minimum distribution (RMD) from the IRA by year-end to avoid a 50% penalty for not doing so. Read on to see how it works.
IRS has released an update on their IRA rollover chart that includes language regarding the more restrictive once-per-year IRA rollover rules that take effect on January 1, 2015. Read more to view and print the chart.
If you’re able to take a lump-sum distribution from your qualified retirement plan (401(k), pension plan, ESOP, etc.) this year, you may want to hold off until next year. We generally advise clients never to try to take a lump-sum distribution after Thanksgiving; it's better to start the process at the beginning of the next year. Read more to see why.
