Can you contribute to both an IRA and a Roth IRA in the same year? Yes, if you follow the rules. This Monday afternoon blog post discusses those rules and the complications that occur if you don't follow them.
Have you made your 2015 IRA contribution? If not, why not? Here are five myths that are commonly cited as reasons for not contributing to an IRA. Don’t miss out on your 2015 IRA contribution because you wrongly believe one of them applies to you.
Roth IRAs can be powerful retirement planning tools. They allow you to put money aside today that can grow tax free for the remainder of your lifetime, and there are no required minimum distributions, like there are for traditional IRAs. Of course, nothing worth having in life comes without a cost, and the Roth IRA is no exception. Here's how to grow your Roth IRA account without growing your bill at tax time.
This week's Slott Report Mailbag looks at the issues involved when an IRA beneficiary must take missed required minimum distributions (RMDs) for the original account owner, answers a question about the backdoor Roth IRA conversion and outlines the process of making SEP IRA contributions and converting those to a Roth IRA.
Our post-Instant-IRA-Success Slott Report Mailbag examines two issues we covered extensively in Las Vegas. We answer a consumer's question on how to take a required minimum distribution (RMD) prior to taking a Roth conversion. Also, we provide guidance on whether a spouse with no taxable compensation can make an IRA contribution.
With tax season well underway, you may be considering contributing to an IRA. For many people, the IRA options are confusing. There are traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Which IRA is right for you? Well, if you are not an employer and are not self-employed, you may not decide on your own to contribute to a SIMPLE or SEP IRA. That leaves traditional and Roth IRAs. Which is best for your retirement savings needs? We examine your options.
On Tuesday, February 9, 2016, President Obama released his Fiscal Year 2017 Budget – his final budget proposal as President of the United States. Having seen none of his 14 retirement account-related proposals from last year’s budget enacted, the President has included them all again in this year’s budget. In addition, this year’s budget features one additional significant retirement account-related change. In this article, you will find a complete list of the 15 provisions in the President’s budget that directly relate to retirement accounts. For each, you’ll see whether they are new or carryovers from previous years, a description of each, as well as some commentary to provide insight and perspective.
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.
Tax season is here. This is the time when many IRA owners consider making contributions for the prior year. Are you planning on making a 2015 contribution to your IRA? Here are 10 IRA contribution rules you need to know.
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.
