This week's Slott Report Mailbag looks at a dilemma we see in many households: expected income exceeds Roth IRA contribution limits, so the family elects to open a Traditional IRA, only to see by year-end that the expected income fell under the contribution limits. Can this family convert the Traditional IRA money to a Roth? Also, we examine the process of taking a required minimum distribution on an account valued at zero, and answer an inherited IRA question about the proper way of distributing funds.
IRAs are complicated, even more so if you believe one thing, but the correct rule is the complete opposite. These 5 common IRA myths spell trouble - taxes, penalties, hardships and missed opportunities - for those that believe them.
If you turned age 70 ½ last year in 2014 and have a traditional, SEP or SIMPLE IRA, you must start taking required minimum distributions (RMDs) for that year and every year going forward. When is the required beginning date? IRA Technical Expert Joe Cicchinelli puts you on a deadline you must meet to avoid steep penalties.
This week's Slott Report Mailbag looks at whether required minimum distributions can be used as a qualification for a Roth IRA contribution and dissects a situation involving the Roth recharacterization process.
This week's Slott Report Mailbag examines if you can move an employer 401(k) plan to a Roth 401(k) and answers whether or not you can move your required minimum distributions (RMDs) to a Roth IRA.
Retirement plans are one area of the tax code where you may not be able to do everything the tax code says you can do. IRA custodians and employer plans can sometimes limit your options. One reason they might do this is to make it easier for them to manage and process your transactions. We detail a few examples of IRA custodians limiting your options.
This week's Slott Report Mailbag answers several questions about IRA trust procedures and another (a very popular one) on the timing for taking required minimum distributions (RMDs) once you turn age 70 ½.
You just hit the magical tax code age of 70 1/2 and decided it was time to move those employer plan retirement funds to an IRA. You must take your required minimum distribution from the plan first. What happens if you don't? IRA Technical Expert Beverly DeVeny outlines the consequences and how to correct them.
This week's Slott Report Mailbag goes situational - looking at an individual who forget to take his RMD (required minimum distribution) before rolling over his pension plan to an IRA, a woman who wants to find the best path to leave her IRA to her three sons and an employee who was re-hired by his old company and wants to know if he can roll his original 401(k) plan to an IRA. We have the expert answers.
On Monday, February 2, 2015, President Obama’s Fiscal Year 2016 Budget was unveiled to the American public, along with the Department of Treasury’s Greenbook, which provides further explanation and details of the proposals in the President’s budget. In truth, the President’s budget is really more of a “wish-list” than anything else, but here's a good indication of where the administration is headed when it comes to retirement planning.
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