The Slott Report

In a recent 60-day rollover private letter ruling request, an individual was allowed to complete a rollover of only a portion of his IRA distribution. Click to find out what happened.

You can't just contribute to an IRA if you have extra money lying around and don't work. It's a fact that many Americans aren't aware of, and it's one that came up in this week's Slott Report Mailbag. We also examine the ability to recharacterize part of a Roth conversion more than once and the process for establishing IRA annuities.

As we enter April 2014, many of you are having your taxes prepared for 2013. Maybe you're having your taxes done by a professional tax-preparer such as a CPA or other professional, or maybe you’re doing it yourself - hello Turbo Tax! Click to learn how to avoid a 50% penalty on your RMD.

If someone who turned age 70 1/2 did NOT take their first mandatory required minimum distribution (RMD) last year, they MUST take it by today (April 1) as well as their 2014 RMD by year end. Levine discusses the nuts and bolts of what you need to know in the video below.

Read what Ed has to say about the advice he would give a 30-year-old Ed Slott.

The 2014 tax season is quickly coming to a close and chances are you either have grumbled over your tax bill, or soon will. The question is, when you do that, should you be longing for “the good ol’ days” when taxes were lower, or should you be counting your blessings that you have today’s tax rates to contend with and not those of years’ past? In all likelihood, a little bit of both is true. Click to read about the history of income tax in America.

The latest TIAA-CREF survey finds that fewer than 1 in 5 Americas are contributing to an IRA, potentially missing tax and savings benefits. The survey, conducted by an independent research firm between February 13-16, 2014, showed that just 17% of respondents contributed or were contributing to an IRA in 2014 - down from 19% last year and 22% in 2012.

Have you ever been to the post office on April 15th? If not, I wouldn't recommend it. It's a zoo. Chances are that if you ever make such a trip, the lines will be long and the wait even longer. Why? Because all the last-minute procrastinators are there to send out their tax returns. Click to find out how to avoid this rush.

If you were age 70 ½ last year (in 2013), April 1, 2014 is an important deadline for taking your 2013 IRA required minimum distribution (RMD). The tax code refers to this April 1st deadline as your required beginning date (RBD).

We are constantly saying that you should not do a 60-day rollover unless it is absolutely necessary. Here is a perfect example of why that's the case. The following story comes from a recent private letter ruling issued by IRS. It details some of the many ways a 60-day rollover can go horribly wrong.