This week's Slott Report Mailbag talks about how (if at all) the new tax law affected Roth conversion planning, as well as a look at Roth IRA rollover rules and the ways you can withdrawal 401(k) money early without penalty (can you do that?).
This week's Slott Report Mailbag talks about the act of "moving money" from one retirement account (yours or an inherited account) to another. There are many tax and penalty pitfalls at play, and we dissect the right way to go through these procedures in the question-and-answer below.
You are still working. You want to convert some of your employer plan funds to a Roth IRA to follow Ed Slott's advice and begin years worth of tax-free saving. Can you? We examine the answer to that question and more in this week's Slott Report Mailbag.
The rules for operating an employer retirement plan are complicated and mistakes are sometimes made. Recently, the IRS released Revenue Procedure 2013-12 with information that updates the Employee Plans Compliance Resolution System (EPCRS) for addressing various retirement plan compliance problems.
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.
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.
This week's Slott Report Mailbag comes to you live from the Arizona Biltmore Resort and Spa and our Fall 2012 Master Elite and Elite IRA Advisor Group Workshop. We answer questions about rolling before-tax and/or after-tax money to an IRA, non-governmental 457(b) plans and rolling money to an IRA during bankruptcy.
IRS announced 2013 pension plan and IRA contribution limits and other retirement-related items on Thursday. Included in the release below are 2013 retirement plan contribution limits and AGI (adjusted gross income) phase-out ranges for Roth IRA contributions and Traditional IRA deductions. We will dissect these numbers in the weeks to come, but for now, here is the official release in full from IRS.------WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the
This week's
Slott Report Mailbag shows that retirement planning involving IRAs can be complicated, and consumers just like you are confused about the rules and concerned they are making fatal, penalty-induced errors.
As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Find one in your area at this link.1.Dear Mr. Slott,I am and have been an avid follower of your programs on public television and have purchased your books as well as CD/DVDs. I respect your opinion very much and badly need your help. I have been disabled since 2008 due to an aortic dissection and will be turning 65 in December 2012.
The Slott Report was designed WAY back in 2010 to
educate financial professionals and consumers on the complexities of IRAs, taxes and retirement planning. We continue that mission each Thursday with our
Slott Report Mailbag. This week we answer your questions on company plan allowances (can you move the money after a certain age?), trusts and beneficiaries and RMDs (required minimum distributions).
As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Find one in your area at this link.1.I have approximately $400,000 in a 401(k) and will soon be 70 ½ years old. Is it possible for me to
