You may be interested in contributing to a Roth IRA but think your income is too high. You are probably aware that there are income limits that apply to Roth IRA contributions. For 2018, if you are married, your ability to make Roth IRA contributions phases out when your Modified Adjusted Gross Income (MAGI) is between $189,000 - $199,000 and between $120,000 - $ 135,000 if you are single. Are you out of luck if you are a high earner? The answer is "no" and tax reform makes this clearer than ever.
The Tax Cuts and Jobs Act made sweeping changes to the tax laws. Brackets have been changed, deductions have been eliminated, and retirement plans have been affected. You may be wondering what the new law means for your IRA. Here are 5 things you need to know.
This week's Slott Report Mailbag answers readers' questions about Roth IRA contributions and RMD rules.
The year 1998 seems like a long time ago. In January 1998, Bill Clinton was in the White House and about to be impeached. The Unabomber was in the news and the Spice Girls were winning music awards. January 1, 1998 also brought us the launch of Roth IRA. However, unlike other ‘90’s memories, the Roth IRA is still going, stronger than ever. You may already be reaping the tax benefits of your own Roth IRA. Or, maybe you’ve hesitated to open one. The 20th anniversary may be the time for you to take the plunge. To celebrate the occasion, here are 20 Roth facts you need to know.
We at the Slott Report would like to wish all our readers and their families a very happy holiday season!
We thank all of you for taking your valuable time to read the Slott Report over the past year. We have heard from many of you and welcome your comments and feedback. Keep it coming!
Recharacterization is currently one of the few “do-overs” allowed under the tax code. Its days may now be numbered. The tax reform legislation currently pending in Congress would do away with recharacterization at the end of 2017.
If you have an IRA, you should realize that what goes in must come out. In other words, your tax deferral will not last forever. Eventually, Uncle Sam will want his share. When you reach retirement age, required minimum distributions (RMDs) will kick in. Are you prepared? Take our RMD quiz and see how well you understand the basic RMD rules.
House Republicans took the first shot at tax reform with the release of the Tax Cuts and Jobs Act on November 2. Now it is the Senate’s turn to weigh in. Not surprisingly, the Senate’s take on overhauling the tax code looks very different than the House version. You may wonder how your retirement account may be affected. Here are some highlights.
Are you approaching retirement age and not looking forward to being forced to take unwanted required minimum distributions (RMDs) from your retirement account? You may be looking for a way to delay those distributions. You may have heard about the “still-working” exception, which can allow RMDs to be put off. Will this exception help you? Here are 10 things you need to know.
This week's Slott Report Mailbag looks into RMDs and spousal IRA beneficiaries.
