This week's Slott Report Mailbag inquires about Roth IRA contribution eligibility, what to do when excess contribution penalties are delivered due to administrative error and the always-confusing 5-year rules for Roth IRAs.
Last week I posted a video discussing the importance of contributing to your retirement account early in the year. Without putting any more money into your account over the long run, by simply making your IRA contribution early in the year, as opposed to year-end (or even by April 15 of the following year), you can easily wind up with tens of thousands more in your retirement account to spend during your golden years. In response to the video, as well as the time of year in general, we've received a number of questions. Here are some of the most common ones, along with their answers.
You have inherited an IRA or you have turned age 70 ½ and now have to take required distributions (RMDs). But you don't need (a relative term of course) the money and you would rather not pay the tax on money you don't need. So what can you do? Click to find out.
Contributing to a retirement account EARLY in your life and EARLY in the year can pay big dividends over the long run. How? We explain below.
The first Slott Report Mailbag of 2014 involves several topics we go into detail on at our 2-Day IRA Workshop. Spousal waivers, the 60-day IRA rollover window and required minimum distributions are the topics of the day, and our team of IRA Experts answered each below.
An IRA account owner or beneficiary died and there was no named beneficiary for the account. The obvious question comes, "Who inherits the account and how do you calculate the required distribution?" Click to find the answer.
The holidays are over. New Years has come and gone. Now, of course, it's time to get ready for - cue the Andy Williams' music - "the most wonderful time of the year." Tax time! Here we give 3 tips to help you prepare.
As we begin 2014, many of you who are charitably inclined have asked us about the status of QCDs (qualified charitable distributions). QCDs, known as charitable IRA rollovers, are a way of moving your IRA money tax-free to a charity.
2014 is almost here, but we wanted to open the Slott Report Mailbag one last time to answer some pressing year-end retirement planning questions, as well as several issues with decisions that will come in the new year. Click to read this week's Q&A with our IRA Technical Expert.
It is year-end. Retirement account owners and beneficiaries are grappling with required distributions for 2013 and, in some cases, with missed distributions from prior years. When there is a missed distribution, we constantly get the question, “Do I have to do an amended tax return?” The answer is, “No.”Distributions from retirement accounts are taxable to the recipient in the year in which the funds come out of the account. Read more for some examples.
