Here are four details you need to know about IRA-to-Roth IRA conversions and the pro-rata rule. The pro-rata rule also applies to employer plan retirement plan distributions, but it is applied differently.
The Slott Report Mailbag is full of inquisitive consumers searching for answers on the pro-rata rule, the intricacies of IRA rollovers, and the "due dates" for an IRA owner's first and second required minimum distributions (RMDs).
Last week, we published a Special Report on the Back-Door Roth IRA. This week, we explore how a simple 401(k)-to-IRA rollover could dramatically change the tax impact of that transaction. Here’s how.
Chances are that, by now, you’ve heard of a retirement planning strategy known to many as the “Back-Door Roth.” But what is it? Why is it important? What are the potential traps and how can it benefit clients? In this report, we dive deep into answering each of these questions and more.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, includes questions on how the pro-rata rule affects pre-tax and tax-free IRA money and how and when you should use trusts as IRA beneficiaries.
If you made a traditional IRA contribution for 2014, you should have reported it to the IRS. But what if you forgot? You should still report to to the IRS. Here's why.
2015 has brought several important changes in the retirement planning world. From the once-per-year IRA rollover rule to QLACs and myRAs, IRA Technical Expert Beverly DeVeny highlights the key changes you must be aware of to retain current clients and capture new business in the new year.
Since the release of IRS Notice 2014-54 on September 18, 2014, there has been some confusion over whether the rules in that Notice apply to converting IRA funds to a Roth IRA. Notice 2014-54 provides favorable guidance for people with after-tax money in their company retirement plan, such as a 401(k). As a result of the Notice, if you have after-tax funds (basis) in your company plan, you may be able to convert some of your retirement savings to a Roth IRA tax-free.
This week's Slott Report Mailbag looks at utilizing the pro-rata rule to calculate tax consequences for your Roth IRA conversion plus what life expectancy table an IRA inheritor should use to calculate their RMDs (required minimum distributions) moving forward. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here.
This week's Slott Report Mailbag looks at combining IRA monies into one big IRA, how 401(k)s affect calculating yearly IRA distributions and whether leaving equal IRA shares to your three children is possible. Click to read this week's Q&A with our IRA Technical Expert.
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