Are You Over 70.5 Years Old and Still Working? Understand Your Options With RMDs: This Week’s Q&A
This week's Slott Report Mailbag examines RMDs when you are still working past 70.5 years old and inheriting multiple IRAs.
401(k)
Do You Know All the Rules for Rolling Over a Roth 401(k)?
This week's Slott Report Mailbag examines 401(k)s, Roth 401(k)s, and spousal beneficiary rules.
Don’t Inherit a Mess When Your Spouse Passes Away: This Week’s Q&A
This week's Slott Report Mailbag looks into inherited IRAs, spousal rollovers, and 401(k)'s.
When You Want to Transfer 401(k) Funds from a Former Employer: This Week’s Q&A
This week's Slott Report Mailbag looks into into IRA contributions and rolling over 401(k) assets from former employers.
Quiz Yourself with These IRA Questions!
After you’ve answered the questions below, scroll down to see the answers and see how well you know your stuff!
3 Reasons a 401(k) Deferral Beats an IRA Contribution
1) There Are No Restrictions Preventing a Tax Break
When you defer a portion of your salary into a traditional 401(k), the amount deferred will reduce your taxable income dollar-for-dollar. This is true regardless of how much income you (and your spouse, if applicable) have. In contrast, contributions to a traditional IRA are generally entitled to a tax deduction as well, but if your income is above certain limits and you (and/or your spouse, if applicable) are an active participant in an employer-sponsored retirement plan, then that deduction can be reduced or eliminated. Thus, in some scenarios, a contribution to a traditional IRA won’t help you reduce your current tax bill.
What Victims of Casualty Theft Need to Know: This Week’s Q&A
This week's Slott Report Mailbag looks into Casualty Theft, IRS rules, Medicare, and Roth conversions.
This Week’s Q&A: Converting a Pre-Tax IRA to a Roth and More
This week's Slott Report Mailbag looks into converting and contributing to different IRAs, 401(k)s, and RMDs.
Over 59 1/2? You Must Know these Roth IRA and 401K Answers
This week's Slott Report Mailbag looks into Roth IRAs, 401Ks, contributions, tax-free options, and more.
What’s New and How Does it Impact You? Retirement Plan Contribution Limits for 2017.
There were few changes to the retirement contribution limits for 2017. IRA and Roth IRA limits remain the same. The maximum an individual with earned income can contribute is $5,500 split any way they want between traditional and Roth IRAs. An individual age 50 or older during the year can contribute an additional $1,000 for a total contribution of $6,500.
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