Come rain, sleet, or in this case, a Nor'easter of snow, we still deliver The Slott Report Mailbag with questions about IRA required minimum distributions (RMDs), beneficiaries when one wasn't listed (hint: the spouse isn't automatically the beneficiary) and the Roth IRA conversion rules.
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.
Last week President Obama delivered his State of the Union address to the nation and introduced us all to a new type of retirement account, the myRA. Since then, the ins and outs of the new accounts have been minced and parsed in just about every way imaginable. Click for more detail.
So, did anything happen in President Barack Obama's State of the Union last night that we should be aware of? The President's new retirement plan proposal, called myRA, (rhymes with "IRA" when pronounced correctly - trust us, it's tough) drummed up a lot of discussion over water coolers and across the worldwide web last night and into this morning, including extremely active discussions on Twitter. So what does the proposal mean for advisors, investors and the present and future of retirement planning?
You’ll be receiving a copy of your 2013 IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., if you took a distribution from your employer retirement plan or IRA last year. The employer plan or IRA custodian has to send you a copy by January 31, 2014. You’ll need to give your tax preparer a copy of it so that your retirement plan distributions are correctly reported on your federal income tax return.
The new version of IRS Publication 590, Individual Retirement Arrangements (IRAs) for use in preparing 2013 tax returns, has been released by the IRS. It’s used by taxpayers and tax preparers when filing 2013 federal income tax returns.
This week's Slott Report Mailbag inquires about Roth IRA contribution eligibility, what to do when excess contribution penalties are delivered due to administrative error and the always-confusing 5-year rules for Roth IRAs.
The first Slott Report Mailbag of 2014 involves several topics we go into detail on at our 2-Day IRA Workshop. Spousal waivers, the 60-day IRA rollover window and required minimum distributions are the topics of the day, and our team of IRA Experts answered each below.
As we begin 2014, many of you who are charitably inclined have asked us about the status of QCDs (qualified charitable distributions). QCDs, known as charitable IRA rollovers, are a way of moving your IRA money tax-free to a charity.
2014 is almost here, but we wanted to open the Slott Report Mailbag one last time to answer some pressing year-end retirement planning questions, as well as several issues with decisions that will come in the new year. Click to read this week's Q&A with our IRA Technical Expert.
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