Tax Court Rules New SECURE 2.0 Statute of Limitations on Excess Contribution Penalty Is NOT Retroactive
The Tax Court recently ruled that the new SECURE 2.0 statute of limitations (SOL) on the 6% excess IRA contribution penalty is not retroactive.
sarah brenner
Back-Door Roth IRAs and Roth 401ks: Today’s Slott Report Mailbag
Question:HiCan we contribute backdoor Roth IRA money to my husband’s Roth IRA since I have existing traditional IRA accounts, but my husband has none? Thank you very much for answering my questions.Pinan
Making a 2023 IRA Contribution? Here are 4 Rules That May Surprise You
The tax season is upon us. This is the time when many individuals fund their IRAs by contributing for the prior year. Contributing to an IRA may seem pretty straightforward, and in many ways it is! But there can be twists. Here are four rules that may surprise you when you make your 2023 IRA contribution.
Making a 2023 IRA Contribution? Here are 4 Rules That May Surprise You
The tax season is upon us. This is the time when many individuals fund their IRAs by contributing for the prior year. Contributing to an IRA may seem pretty straightforward, and in many ways it is! But there can be twists. Here are four rules that may surprise you when you make your 2023 IRA contribution.
Thinking about a 2023 SEP IRA Contribution? Here Are 6 Rules You Need to Know
Are you thinking about making a Simplified Employee Pension (SEP) IRA plan contribution for 2023? If so, here are 6 rules you need to know.
529 Plans and Inherited IRAs: Today’s Slott Report Mailbag
Question:I have two questions regarding the 15-year requirement that applies to new rules allowing rollovers from 529 plans to Roth IRAs. If you change beneficiaries, will it reset the 15-year clock? Secondly, if you roll your 529 plan into another 529 plan (say Virginia plan to Nevada plan which also involves a change in custodians), does this reset the 15-year clock?
529 Plans and Inherited IRAs: Today’s Slott Report Mailbag
Question:I have two questions regarding the 15-year requirement that applies to new rules allowing rollovers from 529 plans to Roth IRAs. If you change beneficiaries, will it reset the 15-year clock? Secondly, if you roll your 529 plan into another 529 plan (say Virginia plan to Nevada plan which also involves a change in custodians), does this reset the 15-year clock?
How Do You Report 2023 Roth IRA Contributions on Your Tax Return? The Answer May Surprise You
Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.
How Do You Report 2023 Roth IRA Contributions on Your Tax Return? The Answer May Surprise You
Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.
Outstanding Rollovers – What You Need to Know
The rules for rolling over IRA distributions can be complicated. These rules can become especially challenging at the end of the calendar year. If you are taking a distribution from your IRA at end of 2023 and considering a rollover that may not be completed until 2024, here are four facts you will want to know.
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