A Senior as a First-Time Home Buyer and QCDs: Today’s Q&A Mailbag
This week's Slott Report Mailbag answers readers' questions about purchasing a home as a senior (as a first-time home buyer) using IRA funds and QCDs under the Tax Cuts and Jobs Act.
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Are You and Your Retirement Plan Ready for the New Year?
2018 is right around the corner. We will be dealing with massive changes to the tax code due to the enactment into law of the Tax Cuts and Jobs Act. Some of those changes are going to apply to you and some of those changes will affect your retirement and assets that you hope will go to your heirs. Are you ready?
The Once-Per-Year Rollover Rule – What Doesn’t Count
In 2014, the Tax Court ruled that an IRA owner could do only one, IRA-to-IRA or Roth IRA-to-Roth IRA, 60-day rollover in a 12 month period. This rule applies no matter how many IRA and/or Roth IRA accounts the IRA owner might have. The 12 months is a full 12 months, not a calendar year. The 12 month period will start with the date that IRA or Roth IRA funds are received.
Retirement Account Limits for 2018
While there is a lot of focus on the proposed tax law changes that have a target effective date of 2018, there is something we can count on for 2018, the inflation adjusted retirement account limits. There are currently no proposed changes to the following limits.
Are You Taking an RMD for the First Time in 2018?
This week's Slott Report Mailbag examines inherited IRAs and retirees taking RMDs for the first time.
60-Day Rollovers and Multiple Checks
We continuously get questions on 60-day rollovers. Many times those questions revolve around a client receiving more than one distribution or wanting to complete the 60-day rollover with more than one distribution. Here is what you need to know.
Tax Reform Proposal Unveiled
The much anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code. It is sure to be controversial and subject to political dispute, and specific provisions are likely to change. Here's how the major provisions that most matter to helping your clients read now.
IRA RMD Basics for the First Year’s Distribution
Every year more Baby boomers move toward age 70 ½ and their first required distributions from their retirement accounts. For those boomers born between July 1, 1946 and June 30, 1947, you turned 70 ½ in 2017. You now need to take your first required minimum distribution (RMD) from your IRA accounts. Here are the basics of that first distribution.
RMDs to a Trust Beneficiary of an IRA
In the past couple of weeks, I have heard the wrong answer to the question of where required minimum distributions (RMDs) must go to a trust beneficiary from both an advisor and an IRA custodian.
How Familiar Are You with NUA Rules? This Week’s Q&A.
This week's Slott Report Mailbag examines NUA rules and the "still working" exception.
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