Inherited IRAs, Naming Beneficiaries Highlight Mailbag
The holiday season is upon us. It is time for friends, family and financial security. The answers to these consumer questions can help you wrap up your year-end planning.
marvin rotenberg
2011 Roth Conversions, Naming Minors as Beneficiaries Highlight Mailbag
The holiday season is upon us. It is time for friends, family and financial security. The answers to these consumer questions can help you wrap up your year-end planning.
IRAs (SEP, Inherited, Stretch) Highlight Mailbag
IRAs, IRAs, IRAs. We have a full plate (leftovers from Thanksgiving) of IRA questions in this week's Mailbag. These questions touch on topics such as SEP IRAs, inherited IRAs and naming the trust as the beneficiary of IRAs.
Roth Conversions and Stretching The Tax in Mailbag
This week's Slott Report Mailbag discusses some complex, timely issues involving the myths about Roth conversions and the ability to stretch the tax paid on a Roth Conversion over three years. Can that be done?
Required Minimum Distributions, Roth Conversion Taxes Highlight Mailbag
This week's Slott Report Mailbag discusses some complex, timely issues involving RMDs and what happens if someone who takes a Roth Conversion with the intent of spreading the tax over 2011 and 2012 dies suddenly.
Required Minimum Distributions While Working? Find Out in Mailbag
This week's Slott Report Mailbag discusses some complex, timely issues involving social security benefits and required minimum distributions while working past age 70 1/2. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.
Senate Passes Extenders Bill
By a vote of 62-36, the Senate on March 10, 2010 passed the American Workers, State & Business Relief Act of 2010. The bill includes a combination of tax-extenders (items that expired in a previous year but are up for renewal in 2010), energy provisions and incentives for businesses.
Roth IRA Recharacterization
If you recently converted a traditional IRA to a Roth IRA, you can recharacterize by October 15 of the year following the conversion. A recharacterization means reversing your Roth IRA conversion as if it never happened. When you convert a traditional IRA to a Roth IRA, you pay the income taxes based on the fair market value of the assets, your basis at the time of conversion.
IRA Fees May be Tax Deductible
Ever wonder if the fees you pay your bank, broker, or insurance company for your IRA could be income tax deductible? Under certain circumstances, you can deduct an IRA trustee's administrative fees that are billed separately (and paid by you) in connection with your IRA.
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