Can you deduct a loss in your IRA or Roth IRA? The answer is yes, if you meet the criteria. It is much easier to deduct a loss in a Roth IRA than in a traditional IRA because Roth IRAs generally hold more basis than a traditional IRA. Basis in a traditional IRA comes only from nondeductible contributions and/or rollovers of after-tax funds previously held in an employer plan. Basis in a Roth IRA comes from Roth IRA contributions, Roth IRA conversions and most rollovers from designated Roth accounts (i.e. Roth 401(k) funds). Here are the six steps.
This week's Slott Report Mailbag looks at possible miscues and how to handle them. What constitutes an excess Roth IRA contribution? One individual below has to deal with the 6% penalty while another doesn't. We explain why.
Roth IRAs can be powerful retirement planning tools. They allow you to put money aside today that can grow tax free for the remainder of your lifetime, and there are no required minimum distributions, like there are for traditional IRAs. Of course, nothing worth having in life comes without a cost, and the Roth IRA is no exception. Here's how to grow your Roth IRA account without growing your bill at tax time.
This week's Slott Report Mailbag answers a few inquisitive readers on what to do if you just found out you aren't eligible to make a Roth conversion or contribution in a given year and if you can name a trust as an IRA beneficiary.
The 2015 tax season is now in full swing. As you finish preparing your own return for this year, maybe you were too generous with Uncle Sam last year, and he owes you a refund. If that’s the case, here are 5 ways you might consider using this year’s tax refund other than heading off to the Caribbean or buying a new flat-screen TV.
In this week's Slott Report Mailbag we answer questions on (dreaded) excess IRA contributions and the penalties involved as well as whether an individual can start taking RMDs (required minimum distributions) only to start working again and halt taking them.
In order for you to make a contribution to a Roth IRA for the year, you must have compensation and adjusted gross income within certain limits. If you’re married and filing jointly with your spouse, even if only one of you has compensation, you might both be eligible to contribute to a Roth IRA using the spousal IRA contribution rules.
If you made a Roth contribution for 2013 and are now preparing your tax return, you may be wondering where to report it. Chances are, however, that if you’ve been looking, you’ve been looking for a while. It’s very difficult to find where these contributions are reported. Actually, truth be told, it’s impossible.
With Tax Day right around the corner, it is the perfect time to answer the most popular questions involving IRA and Roth IRA contributions. Below are five of the more popular questions.
Thanks to April 15th falling on a Sunday and a Washington D.C. holiday (Emancipation Day) on the following day, the April 15th filing deadline is pushed back to April 17, 2012 for 2011 federal income tax returns. Below are five things you should address between now and then.
