This week's Slott Report Mailbag includes questions on whether an employer plan allows for distributions and rollovers when an employee stops working for that employer, how to compute the taxes on an IRA and an inherited IRA and whether or not a disabled individual can take an IRA distribution before a certain age.
This week's Slott Report Mailbag comes LIVE from The Cosmopolitan in Las Vegas as we get ready for Ed Slott's 2-Day IRA Workshop this Saturday and Sunday. We answered questions on Roth conversions, the Roth IRA 5-year rules, and where an IRA goes at your death.
As crisp temperatures and autumn colors cascade through our neighborhoods, people start eying year-end IRA and tax planning. We saw it in this week's Slott Report Mailbag with questions about a Roth conversion and paying the tax associated with it, distributions from inherited IRAs and the rules regarding what you can and can't do with RMDs (required minimum distributions).
This week's Slott Report Mailbag includes questions on the 10% penalty, using a portion of transferred funds to pay the tax on a Roth conversion and a controversial topic (see question #3 for that). Click to read a Q&A with our IRA Technical Consultant.
Tax time is drawing near, and as expected, we had several questions about IRA and Roth IRA contributions in this week's Slott Report Mailbag. We answer those questions as well as a question on converting an IRA to a Roth IRA near retirement.
Individuals who did Roth conversions in 2010 and took advantage of the opportunity to spread the income over 2011 and 2012 are now faced with the tax bill for income that must be included on their 2011 tax returns. Many are now having second thoughts or are having difficulty coming up with the funds to pay the tax.
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.
You will receive various questions as the tax deadline draws near, and a popular one involving IRAs goes something like: "Can I still recharacterize my 2010 Roth IRA conversion?" Many people will realize that they must begin to pay taxes on this conversion this year, and some will ask if the conversion can be undone, especially if he or she doesn't have the money to pay the tax. The answer and advice you need to give can be found in the below video from our YouTube page, IRAtv.
This week's Slott Report Mailbag answers questions about reporting Roth conversion income deferred to 2011 and the process involving annuities, required minimum distributions and IRAs.
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