A misconception we see frequently is individuals thinking they have until April 15th to do a Roth conversion for the prior year. The Roth conversion rules are not the same as the Roth IRA contribution rules. We explain the difference below.
This week's Slott Report Mailbag looks at Roth contributions and the prerequisites necessary to make a contribution. We also answer a question on investing inherited IRA money in an IRA annuity.
As you are now no doubt aware, there are any number of ways which you might pay more in taxes for 2013 than you will this year. One of those many ways is when you sell long-term capital gain property. Common types of capital gain property are stocks, bonds, mutual funds and real estate. To be considered “long-term,” you must have held the investment for more than one year.
If you are thinking about going back to school but don't have the money, you can potentially use your IRA to pay for higher education expenses. Unfortunately, the distribution from your Traditional IRA will be taxable.
The end of the year is rapidly approaching. It is time to make sure that all required distributions are taken from retirement accounts. Who must take a required distribution? We explain below.
The Slott Report Mailbag is back with three consumer questions that run the gambit of IRA-distribution and retirement planning. Can you use an IRA as security for a loan? How do you handle inherited IRAs for you and your wife? Can an employer have both a SEP and a SIMPLE plan for their employees? You have come to the right place for the answers.
The holiday season is upon us once again. There are a lot of things we associate with this time of year, but one of the most common has to be exchanging gifts with those we love. I can remember, as a child, writing out my wish list each year and the excitement I’d have wondering which gifts I might actually receive. Recalling those days I thought I would once again prepare a wish list, but with a little twist. Below you will find my holiday wish list to Congress and the IRS for changes I’d like to see made to the tax code.
Many areas in the Northeast were declared federal disaster areas as a result of Hurricane Sandy. The IRS has provided help for the victims of Hurricane Sandy. Some of the retirement plan initiatives the IRS has announced are explained below.
You want to leave your Roth IRA to your grandchildren. You are worried about required distributions at age 70 ½ if you are still working. You want to know all of the tax specifics of a year-end Roth conversion. You have come to the right place, a special post-holiday Monday edition of The Slott Report Mailbag.
Thanksgiving is here - and the end of 2012 (believe it or not) is right around the corner. That means "year-end planning" time, and below we offer 3 questions you should ask (and find answers to) before year-end.
