Now that 2012 has passed and you are starting to think about gathering the information to prepare your 2012 tax return, you may have noticed that you forgot to take your IRA required minimum distribution (RMD) for 2012.
You are still working. You want to convert some of your employer plan funds to a Roth IRA to follow Ed Slott's advice and begin years worth of tax-free saving. Can you? We examine the answer to that question and more in this week's Slott Report Mailbag.
As we reported earlier, the American Taxpayer Relief Act of 2012 (ATRA) extended the qualified charitable distribution (QCD) rules retroactively for 2012 and through 2013. Two special rules allow IRA owners to have a donation made before February 1, 2013 be treated as a 2012 QCD. Click to learn more about the new IRS guidance on QCDs.
The questions are rolling in, as consumers are trying to make sense of the American Taxpayer Relief Act of 2012. Enjoy this week's Slott Report Mailbag!
The rules for operating an employer retirement plan are complicated and mistakes are sometimes made. Recently, the IRS released Revenue Procedure 2013-12 with information that updates the Employee Plans Compliance Resolution System (EPCRS) for addressing various retirement plan compliance problems.
A new tax law brings a lot of indecision, and we expect the questions to start pouring in over the Taxpayer Relief Act of 2012. In the short term, we continue to see many questions about how to forge forward with proper planning in 2013, outside any of the tax provisions from the new law. This week's Slott Report Mailbag tackles Roth conversion income limits, Roth recharacterizations and the rules governing IRA distributions.
You may not have noticed that the IRA contribution and income limits increased for 2013 thanks to wall-to-wall coverage of the fiscal cliff. You may not have noticed that the IRA contribution and income limits increased for 2013 thanks to wall-to-wall coverage of the fiscal cliff.
We have spent a great deal of online real estate on the financial aftermath of Hurricane Sandy and the toll it took and continues to take on disaster relief efforts both structurally at shore points up and down the Jersey coast and into New York and financially on the tens of thousands who saw their homes, vehicles and personal belongings wash away with the "once-in-a-century" storm.
This week's Slott Report Mailbag answers what we call some of the "nuts and bolts" of IRA planning. We received questions on required minimum distributions (RMDs) and inherited IRAs - two of our most popular topics, and also two of the topics where we see the most mistakes and disaster stories. Away we go with another Thursday mailbag!
In the current debate over the upcoming fiscal cliff, limiting income tax deductions is being discussed as a way to increase federal tax revenue. Charities could be adversely affected. Click to find out out.
