If you made a Roth contribution for 2013 and are now preparing your tax return, you may be wondering where to report it. Chances are, however, that if you’ve been looking, you’ve been looking for a while. It’s very difficult to find where these contributions are reported. Actually, truth be told, it’s impossible.
If you are in the midst of getting a divorce or you're already divorced, you might be awarded some or all of your ex-spouse's company retirement plan funds, such as a 401(k) plan, as part of the property settlement. If so, there are a few things you need to know before you get those funds. We detail these below.
This week there were five private letter rulings (PLRs) issued by IRS that dealt with IRA issues. Don’t let these problems happen to you or to your clients! Click to learn more about these rulings.
Come rain, sleet, or in this case, a Nor'easter of snow, we still deliver The Slott Report Mailbag with questions about IRA required minimum distributions (RMDs), beneficiaries when one wasn't listed (hint: the spouse isn't automatically the beneficiary) and the Roth IRA conversion rules.
The 60-day IRA rollover rule is well documented, but there's another special rule (the 65-day rule) for IRA trust beneficiaries and trustees. Ed Slott IRA Technical Expert Jeffrey Levine takes you through the nuts and bolts of the rule in the IRAtv video below.
The IRS updated the 2013 version of Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) For use in preparing 2013 Returns. This publication contains basic information on employer retirement plans such as simplified employee pension (SEP), savings incentive match plan for employees of small employers (SIMPLE), and qualified retirement plans.
Asset valuation is coming under greater scrutiny. It started with valuations used for calculating estate tax. IRS questioned valuation discounts used in many estates and was successful in many of these challenges.Then came the housing crash, the market crash and the mortgage security problems in 2006 and beyond. As a result, the SEC (Securities and Exchange Commission) is now looking harder at how illiquid investments in alternative funds are being valued.
Last week President Obama delivered his State of the Union address to the nation and introduced us all to a new type of retirement account, the myRA. Since then, the ins and outs of the new accounts have been minced and parsed in just about every way imaginable. Click to find out what some advisors are getting wrong about myRAs.
Last week President Obama delivered his State of the Union address to the nation and introduced us all to a new type of retirement account, the myRA. Since then, the ins and outs of the new accounts have been minced and parsed in just about every way imaginable. Click for more detail.
If you are an IRA owner who will be age 70 ½ or older this year, you should have received a notice from your IRA custodian telling you that you have a required minimum distribution (RMD) this year. They will also notify IRS on Form 5498 that you have an RMD. The letter to you should also tell you how much your RMD is for the year or offer to do the calculation for you. While you can generally rely on the calculation done by your IRA custodian, here are our 5 easy steps to be sure their calculation is correct.
