You can have too much of a good thing. A contribution to your IRA is a great way to save for retirement, but there are limits. If you exceed those limits you will end up with an excess IRA contribution and a tax mess. This was the fate of two taxpayers in a recent court case, where mega IRA contributions resulted in excess contributions and penalties.
Your state may soon be getting into the IRA business. The Department of Labor (DOL) removed a major hurdle recently, when it issued final rules for state-run IRA programs. The final rules give states a safe harbor from Employee Retirement Income Security Act (ERISA) for state-run IRAs if certain conditions are met.
This week's Slott Report Mailbag follows up on Jeffrey Levine's capital gains tax strategy using a free step-up in basis and answers a question on net unrealized appreciation (NUA) benefits.
This week's Slott Report Mailbag looks "superfunding" a 529 college plan and goes a step further on a question answered in last week's mailbag on IRA annuities.
There is good news for everyone with a retirement account. The IRS recently released Revenue Procedure 2016-47, which provides a new and easier way for you to complete a late 60-day rollover of retirement funds using a self-certification procedure. Here are 10 things you should know about this new procedure that just might save your retirement savings.
In this week's Slott Report Mailbag, we examine SEP IRAs (just like we did yesterday when outlining a major mistake to avoid), their yearly contribution deadlines and how they interact with required minimum distributions (RMDs).
A Simplified Employee Pension (SEP) is an employer sponsored retirement plan where contributions are made to employees’ IRAs. Don’t be fooled by the name! Although these plans are in fact designed to be “simplified” or less complex than other types of retirement plans, there are ways to go wrong and make errors. A seemingly small mistake with a SEP IRA plan can cause big problems.
This week's Slott Report Mailbag answers a consumer's question about how much community property rules tie into his and his wife's retirement accounts and works through Tom's brother-in-law's delicate strategy involving pre- and after-tax retirement funds.
What do you get when community property mixes with your IRA? You will discover that the results can be confusing. Here are some facts every IRA owner should know.
This week's Slott Report Mailbag answers a consumer's question on how to handle taxes with charitable gifts and walks a husband through the complicated process of moving IRA funds to a Roth IRA while facing required minimum distributions (RMDs). As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure.
