The Slott Report

If you have a Roth IRA, you may want to move that money to another Roth IRA elsewhere. There are two ways to move Roth IRA money to another Roth IRA - we detail them below.

The Internet is a great thing. You can probably find any piece of information you want somewhere out there. It is only a matter of asking the right question. My mother thinks I look everything up on the Internet. However, along with great information available on the worldwide web, there is a lot of misinformation. Some things are just plain wrong and some are very misleading. The Internet is no substitute for expert financial and retirement planning advice - as a recent bankruptcy court case proves.

This week's Slott Report Mailbag answers questions running the gambit of financial planning - from the 403(b) employer plan side to IRA beneficiary rules and the Roth conversion conversation. We also answer a question that is state-specific regarding IRA beneficiary exclusion.

It might sound hard to believe, but amazingly enough, we are just a few days away from the start of April. Its first day, Monday, April 1st, is known as April Fool’s Day to many, but to those in the retirement world, it’s better known as the required beginning date. Unfortunately, this date often causes a great deal of confusion for pre- and post-retirees, so with that in mind, below we explore 5 key facts you need to know about the April 1st deadline. Make sure you know these rules well, or come April Fool’s Day, the joke might be on you.

If you are elderly, or your parents are elderly and you help them with their finances, you should consider getting a Power or Attorney (POA). A POA lets you name or appoint someone to handle important legal and financial issues for you, either now or in the future if you are unable to make decisions for yourself. A POA can also be used to manage or make decisions related to your IRAs.

This week's Slott Report Mailbag (a special Monday edition) includes questions on the new tax law and two popular topics - required minimum distribution (RMD) rules for a beneficiary and Roth IRA contribution rules.

IRS has announced that an estimated 984,400 taxpayers who did not file a 2009 income tax return are owed over $917 million in refunds. In order to collect your refund, you must file your 2009 federal income tax return by April 15, 2013. The average refund owed is over $500. Find out more about how to claim this refund below.

Certain retirement plan distributions, known as Qualified Reservist Distributions (QRDs) qualify for special tax breaks. The retirement plan distribution must come from an IRA or from amounts that were contributed as salary deferrals under a 401(k), 403(b) plan or a similar plan.

IRS has announced that they are now processing all 2012 tax returns. Tax season is in full swing. What IRS forms might you need to file your tax return if you have any retirement plan transactions?

We understand the public's apprehension with those in Washington, D.C., and this week we received many questions on recent Congressional action and what may be in store for the future. This week's Slott Report Mailbag examines two issues Congress has not taken a stand on (and in our opinion won't for fear of public outcry and backlash) - the Roth IRA's tax-free distribution power and the Stretch IRA.