Under the new rules, more investors will time their Roth conversions for year-end, experts predict. The sweet spot will be between Thanksgiving and mid-December, says Ed Slott, a certified public accountant and founder of IRAhelp.com.
People in high-tax areas are swarming their local town halls in a rush to pre-pay their property taxes. Ed Slott, CPA and founder of IRAHelp.com, and Carrie Coghill, Coghill Investment Strategies debate the merits of that strategy.
"If you have high SALT, the standard deduction is not going to make up for that, especially for a family with kids," says Ed Slott, a CPA in Rockville Centre, N.Y. "The higher child tax credit won't be enough to make up for it, either."
"My real estate taxes are about $20,000 on a regular, middle-class house," says Ed Slott, a CPA in Rockville Centre, N.Y. "If you're paying that and working in New York City, where your state and city taxes can be 10 percent of your income, that's a big deduction to miss."
“Anyone who is self-employed is in the yoyo economy,” says Ed Slott, a certified public accountant who specializes in retirement planning. “You’re on your own (yoyo) in terms of figuring out and setting up your benefits. Nothing is done for you.”
Many retirees love to hate their required minimum distributions, which they have to take from their IRAs once they hit age 70 1/2. Joining me to discuss what, if anything, retirees can do to lower their RMDs is IRA expert Ed Slott.