Roth

Conquer Your Fear of Tax Season

Wednesday, February 15, 2017
One of the most common questions asked during tax season is, “Do I have to file a tax return?” The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your personal exemption, you must file a return. The standard deduction is higher for those 65 or older, so age makes a difference in some cases.
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Year-End Retirement Account Q & A

Wednesday, December 21, 2016
Question: When is the last day to make a 2016 Roth IRA conversion? Today's Slott Report goes into popular questions and answers you may have for the end of the calendar year.
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Your 2016 H-O-L-I-D-A-Y Season Action Plan

Wednesday, December 14, 2016
H – Have your financial institutions send you a copy of the beneficiary information they have on file for you. On more than a few occasions, we’ve seen financial institutions lose copies of beneficiary forms (or in some really egregious cases, destroy them). Asking for this information annually helps ensure that there are no surprises when you’re no longer here. The beneficiary form is the most important document when it comes to your retirement account. Therefore, even though it may seem monotonous to check these forms year after year – especially if you haven’t made any changes – it’s worth the effort.
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RMDs When You Move Money from an Employer Plan to an IRA

Monday, December 05, 2016
Jenny has a 401(k) plan at work and she has an IRA. Jenny is 72 but is still working. Her employer plan has a “still working” exception so Jenny does not have to take required minimum distributions (RMDs) from her plan. However, she does have to take RMDs from her IRA.
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Who Doesn’t Need to Take a 2016 RMD by December 31?

Monday, November 21, 2016
Fall is in the air and the holidays are just around the corner. For many retirement account owners, this means that an important deadline is approaching. Most of those who are 70 ½ or older will need to take a 2016 RMD by December 31, 2016. However, that deadline does not apply to everyone. If you are age 70 ½ or over, when would an RMD not be required to be taken from your retirement account by the upcoming December 31 deadline? Here are some exceptions that might apply to you.
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Roth IRA Reconversions

Monday, November 14, 2016
The deadline of October 15th has passed for recharacterizing Roth conversions done in 2015. (You have until October 15, 2017 to recharacterize your 2016 Roth conversions.) Now that you have recharacterized a 2015 conversion, what comes next? Can you reconvert those funds? The answer is yes, after a waiting period.
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