This week's Slott Report Mailbag answers questions about reporting qualified charitable distributions on your tax return, rolling after-tax 401(k) contributions to a Roth IRA and taking Roth IRA losses if the investment has lost substantial value.
There is a little known provision in the tax code that can provide a huge income tax advantage in the right circumstances. We explain this provision and how it may affect you below.
IRAs are different, complicated, but in the end, a great avenue for retirement planning. In this week's Slott Report Mailbag, we answer questions on required minimum distribution rules (RMDs), IRA contribution limits and how to take withdrawals if you are a non-designated beneficiary.
This week's Slott Report Mailbag includes questions about converting an employer-based 401(k) to a Roth IRA, the use of trusteed IRAs and what to do if you want to make an IRA contribution from money you earned at the end of 2011, but didn't receive until 2012.
This is the final part of a two-part article examining six options individuals have for their retirement plan benefits when they leave an employer or become their own boss. In the first part, we covered three options (rolling over to a Traditional IRA, taking a lump sum distribution, leaving it in the plan). We finish our guide with the last three options and provide some closing words of wisdom when considering which choice is best for you.
Some of the trickiest IRA situations involving the Roth IRA 5-year rules. We receive questions about them constantly with each situation just a little bit different than the others. In this week's Slott Report Mailbag, we answer questions on the 5-year rules as well as an inquiry about Roth 401(k) transfer provisions.
It is time to examine six options individuals have for their retirement plan benefits when they leave an employer. At some point in their lives, most workers will find themselves in this situation and they need to be as adequately informed as possible in order to make the best choices for themselves and their families. Click to read more about these options.
This week's Slott Report Mailbag includes questions (and our answers) on the Roth IRA conversion limits, Roth recharacterizations and paying tax on a 2010 Roth conversion, and how a spouse should handle an inherited IRA.
Phase-outs apply to many items on your income tax return. This means that if your adjusted gross income (AGI) exceeds specified limits, your eligibility to deduct certain items will be cut back or curtailed altogether, including deductions for contributions you make to traditional IRAs. When your income increases, you could lose lots of otherwise allowable itemized deductions as well as personal exemptions.
This week's Slott Report Mailbag includes your questions (and our answers) on IRA contribution limits, Roth IRA distribution rules and using the pro-rata rule.
