There is a one-rollover-per-year rule that applies to IRA distributions. IRA-to-IRA or Roth IRA-to-Roth IRA rollovers are subject to the once-per-year rule. The account owner can only rollover IRA funds once every 12 months. The 12-month period is a full 12 months. Click to read about exceptions to the Once-Per-Year IRA Rollover Rule.
"Can I still make an IRA contribution?
We get this question a lot at this time of year. A client has his tax return on extension, the return is being prepared now, can the client still make an IRA contribution? Click to find out.
Retirement planning is complicated. It's a personal and situational endeavor with plenty of possible pitfalls in the way of success. This week's
Slott Report Mailbag illustrates several various situations in which the individual sought help from either publications or professionals and is still left confused. Click to read this week's Q&A with our IRA Technical Consultant.
I was appearing as a guest on a radio show yesterday when a listener called in, saying that his Roth IRA had lost substantial value. Ultimately, the caller wanted to know if he could claim a deduction for his Roth IRA loss. I told him that the answer was probably “no,” but that a question like that would be exceedingly difficult to answer for sure, given the time I had left on air. Here is a more detailed answer to his question.
Many advisors and the public have asked us about the status of Qualified Charitable Distributions (QCDs) for 2014. QCDs, also known as charitable IRA rollovers, expired after December 31, 2013. While it was widely expected that Congress would reinstate them, as of today they have not yet been reinstated for 2014.
If your employer offers a SIMPLE IRA Plan, make sure to participate in it to get free money. A SIMPLE (Savings Incentive Match Plan for Employees) IRA Plan is a company retirement that is set up by a business that has less than 100 employees. The rules require that each employee must establish his own SIMPLE IRA to receive the contributions. Click to learn how to get FREE money in a Simple IRA Plan.
We get this question a lot. I have income from _________(fill in the blank). Can I make an IRA contribution? Sometimes the answer is yes, and sometimes it is no. Click to read about the different scenarios.
This week's
Slott Report Mailbag demonstrates IRA intricacies, but also the difficulty in rectifying mistakes that have been piling up without an IRA owner's knowledge for years. These questions, and our answers, also stress the importance of putting together and working with a knowledgeable retirement team - an attorney, accountant and financial advisor.
In a landmark decision last Thursday, the Supreme Court ruled unanimously, 9-0, that inherited IRAs are not protected in bankruptcy under federal law. The decision has far reaching ramifications and, depending on your heirs' specific circumstances, may give you pause as to who — or what — is the best beneficiary for your retirement accounts. Click to learn more about this ruling and how it may affect you.
Real estate is an allowable investment inside an IRA, but you’re going to have to find an IRA custodian willing to do it. A recent Tax Court case showed how not to invest IRA money in real estate. An individual wanted his IRA to directly buy a piece of undeveloped land, but the problem was his brokerage firm (the IRA custodian) had a policy of not allowing clients to invest in "alternative investments" which included real estate. Click to learn how NOT to invest your IRA in real estate.
