Ed Slott's Elite and Master Elite IRA Advisor Groups are convening this week at the Rosen Centre in Orlando, Florida for our semi-annual workshop. Are you a financial advisor interested in what makes Ed Slott's Elite IRA Advisor Group different from other training groups, or a consumer intrigued by what being an "Elite Advisor" means for you as a client of an educated advisor? Click for details!
It's never too late (or early) to get started on your 2014 retirement planning. There are certain building blocks that Ed Slott, America's IRA Expert, believes are the foundational keys to a successful long-term retirement plan. He goes through them in considerable detail in the IRAtv video below (click here to watch in browser), and here's a quick-hitting list of the key building blocks.
The IRS updated the 2013 version of Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) For use in preparing 2013 Returns. This publication contains basic information on employer retirement plans such as simplified employee pension (SEP), savings incentive match plan for employees of small employers (SIMPLE), and qualified retirement plans.
If you put money into an IRA or Roth IRA earlier this year for 2013 or plan to do so before the April 15, 2014 contribution deadline, it’s important to double check and make sure you are actually able to do so. Any amount you contribute to an IRA/Roth IRA that isn’t allowed to be there will cost you a 6% penalty if it is not timely removed by October 15, 2014. Worse yet, that 6% penalty is not a one-time penalty. Every year the errant contribution remains in the account, the 6% penalty is assessed.
The IRS released the 2013 version of IRS Form 8880, Credit for Qualified Retirement Savings Contributions. The form is used to claim a federal income tax credit, known as the “saver’s credit,” if you make IRA contributions or certain salary deferral contributions to your company’s retirement plan, such as a 401(k) plan. Click to find out the criteria needed for receiving this credit.
When you receive an IRA distribution that is payable to yourself (a rollover), you have 60 days after you receive the distribution to complete a tax-free rollover. If you don't complete the rollover within that 60-day period, the IRA distribution is not rollover eligible, which means it’s taxable to you.
In this month's Ruling to Remember, we take a look at Private Letter Ruling 201339002, submitted in late September 2012 as a waiver request to the 60-day IRA rollover requirement.
Last week, America's IRA Experts descended on San Diego, California for our 2-Day IRA Workshop, Instant IRA Success. While we were in San Diego, we took the time to record some interactive, informational roundtables from the 30th floor overlooking the bay at the beautiful Grand Manchester Hyatt.
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