There are two types of tax reporting for IRA accounts: the reporting that is mandatory for IRA custodians and the subsequent reporting that must be done by the IRA owner or beneficiary. Here's what you need to know about each.
The qualified charitable distribution (QCD) questions keep rolling in - and we aren't surprised. After all, the QCD provision is one of the biggest breaks in the tax code and it's of tremendous value to the charitably inclined. In this week's Slott Report Mailbag, we also walk a reader through the general IRA beneficiary provisions in a community property state.
It generally takes about 30 seconds to complete a beneficiary form, and that is about all the consideration that is given to the document. Do you realize that the beneficiary form determines who will receive what could be a significant portion of your estate? Learn more about the beneficiary form's power in today's blog post.
I've received several questions about these two popular planning strategies, and whether it was too late to incorporate them when you sit down with your CPA. The short answer is yes, the ship has sailed. And here's why.
This week's Slott Report Mailbag answers questions on three of our most popular topics: required minimum distributions (RMDs), the stretch IRA and IRA rollovers. The rules are extremely confusing, and we clear them up for these three consumers in this mailbag.
This edition of the Slott Report Mailbag (one of two consumer mailbags this week!) examines how to name contingent beneficiaries, looks at the misconceptions of "taxable income" and answers a reader's question about contributing to an IRA on his wife's behalf.
Here are four details you need to know about IRA-to-Roth IRA conversions and the pro-rata rule. The pro-rata rule also applies to employer plan retirement plan distributions, but it is applied differently.
Intricate questions to kick off the new year. One consumer has a question about moving pre-tax money to post-tax accounts, while another is getting conflicting answers about utilizing his IRA for ministry housing. Finally, we answer a question on what's sure to be a popular topic in 2016, the tax reporting of hard-to-value IRA assets.
There are two major differences between saving for retirement and eating bacon. Bacon is bad for you and saving is regarded as good for you. Yet most of us eat bacon regularly and don’t save. Beverly DeVeny explains how you can have your bacon... and eat it too.
The leaders of Congress promised us that they would deal with the issue of expired tax breaks early in the year so that the American public could proactively go forth with their tax planning based in reality. Well, that didn’t happen. It appears that neither Republicans nor Democrats have the ability to pass timely tax legislation. So, here we are again.
