The Slott Report

By Ian Berger, JDIRA AnalystFollow Us on X: @theslottreport Question: Hi Ed, I have Coverdell ESA accounts for my 5 grandchildren. My...

By Ian Berger, JDIRA AnalystFollow Us on X: @theslottreport Congress has determined that 401(k) and other company plan funds, with certain...

The Tax Court recently ruled that the new SECURE 2.0 statute of limitations (SOL) on the 6% excess IRA contribution penalty is not retroactive.

QUESTION: How many times in one year can a person do a Roth conversion? Thank you. ANSWER: A person can do an unlimited number of Roth conversions in a year.

Year after year, many of the same IRA errors happen again and again. Based on the volume of times these mistakes occur, it seems appropriate to create a short list of repeat offenders…and offer some advice on how to properly move forward. In no particular order, here is a handful of common IRA mistakes, along with the proper corrective measures.

We have covered in The Slott Report the new SECURE 2.0 provision that allows unused 529 plan funds to be rolled over to Roth IRAs. It originally appeared that this new rule was to be effective for 2024. However, the IRS has now said that rollovers done before April 15, 2024 can count as Roth IRA contributions for tax year 2023 if the 529 beneficiary has not already maxed out on his 2023 IRA contribution limit.

Question: Hi Can we contribute backdoor Roth IRA money to my husband’s Roth IRA since I have existing traditional IRA accounts, but my husband has none? Thank you very much for answering my questions. Pinan

The tax season is upon us. This is the time when many individuals fund their IRAs by contributing for the prior year. Contributing to an IRA may seem pretty straightforward, and in many ways it is! But there can be twists. Here are four rules that may surprise you when you make your 2023 IRA contribution.

The tax season is upon us. This is the time when many individuals fund their IRAs by contributing for the prior year. Contributing to an IRA may seem pretty straightforward, and in many ways it is! But there can be twists. Here are four rules that may surprise you when you make your 2023 IRA contribution.

Last week in La Jolla, California, the Ed Slott team hosted another incredibly successful 2-day advisor training program. Nearly 200 financial professionals from across the country chose to join us for some intense IRA and retirement plan education. Topics included all things Roth, net unrealized appreciation, naming trusts as IRA beneficiaries, new SECURE 2.0 updates, QCDs, 10% penalty exception rules, creditor/bankruptcy protection rules, and the list goes on.