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.
This week's Slott Report Mailbag talks about Roth IRA conversions, how they are taxed and whether President Obama's budget proposals would cap Roth IRAs.
If a business owner is considering starting a retirement plan for himself and his employees, he may want to consider an employer-sponsored IRA. While employer-sponsored IRAs are not very well known, even to many tax pros and CPAs, they offer some unique advantages from other employer retirement plans.
If you are the beneficiary of a deceased IRA owner, you have to begin taking required minimum distributions (RMDs). In some cases, there is an RMD you must take in the year the IRA owner dies. The required beginning date (RBD) for the IRA owner to have started taking their RMD is April 1 after the year they turned age 70 ½. If the IRA owner died before their RBD, there is no year of death RMD that you need to take. However, if the IRA owner died after their RBD, there may be an RMD that you as their beneficiary have to take that year.Basically, when the IRA owner dies on or after that
The IRS issued a News Release (IR-2013-43) that gives a three-month tax filing and payment extension to Boston area taxpayers and others affected by the bombs at the Boston Marathon on Monday, April 15th. The new deadline is July 15, 2013.
Now that April 15, 2013 has passed, and the anxiety of filing our 2012 tax returns is over for most of us, some of you may be wondering if it’s possible to make an IRA contribution for 2012. The answer generally is no, but there are some exceptions. We explain these exceptions below.
This week's Slott Report Mailbag includes questions about the rules involved intended yearly contribution dates (is it when the check was postmarked or when the custodian received it?) and the backdoor Roth IRA conversion.
As of April 1, 2013, the maximum bankruptcy exemption amount for IRAs increased from $1,171,650 to $1,245,475. This exemption amount is subject to cost-of-living adjustments (COLAs). Since most Americans don’t have IRA balances anywhere near $1 million, the IRAs of almost everyone will be fully protected from their creditors if they declare bankruptcy.
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.
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