There are a number of excuses, more formally known as exceptions, that you can use to get out of the 10% penalty and lessen your tax burden. One such exception is for disability. Below, we discuss five important facts you need to know about this exception if you plan on trying to use it to avoid the 10% penalty.
In order to make an IRA contribution, you must be younger than age 70 1/2 for the year and also have wages or compensation from your job. Once you make your IRA contribution, then you have to figure out whether it's tax deductible or not.
This week's Slott Report Mailbag discusses Roth IRA contributions, conversions and the availability of certain employer-sponsored retirement plans. Click to read a Q&A with our IRA Technical Expert.
Most of us have loans of some sort, whether it's a mortgage on our home, a car loan, student loan, etc. Or maybe you're thinking about applying for a new loan. In order to get the loan, the bank or other lending institution might require you to have some collateral or pledge some assets as security for the loan. However, if you have an IRA, you can’t use it as collateral for any personal loans.
Let me start by saying we here at Ed Slott and Company were horrified and deeply saddened by the deadly bombings at the Boston Marathon on Monday. Our hearts go out to the victims and their families, and we salute the first responders and brave citizens who so courageously rushed to the aide of so many who were in need, no doubt saving countless lives.
This week's Slott Report Mailbag broadens the scope to issues that touch on IRAs, but also involve other forms of retirement accounts and retirement planning concepts. We look at 10-year averaging, required minimum distributions for employer plans and how to set up a Roth IRA for an older individual working a part-time job.
IRS has announced that an estimated 984,400 taxpayers who did not file a 2009 income tax return are owed over $917 million in refunds. In order to collect your refund, you must file your 2009 federal income tax return by April 15, 2013. The average refund owed is over $500. Find out more about how to claim this refund below.
IRS recently issued a "friendly" reminder to taxpayers who did Roth conversions back in 2010 and took advantage of the two-year deal to split their conversion income equally between 2011 and 2012. IRS wants to be sure that those taxpayers do not "forget" to include the second half of their conversion on their 2012 tax returns.
Retirement planning has many nuances, far more than the average investor can adequately negotiate. That is why an educated financial advisor is so important. He or she can help said investor navigate all pitfalls and answer all questions. This week's Slott Report Mailbag looks at some tricky subjects - disclaimers, step transactions, investing options within a Roth. These people didn't have the right answers - but a knowledgeable financial advisor should.
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