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Here’s How You Can Still Save on 2020 Taxes

Thursday, March 4, 2021

The arrival of 2021, as welcome as it was, put a hard stop on most moves by Americans to lower their 2020 tax bills. The window for things like making charitable donations or taking capital losses to offset gains slammed shut on December 31.

But there are still a few things people can do now to cut last year’s taxes. Several involve contributions to retirement accounts, with deadlines as late as Oct. 15. Another could reduce penalties for filers behind on last year’s tax payments.

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Don’t Pay Tax Penalties on Money You Took From Retirement Accounts

Thursday, March 4, 2021

Retirement savers need to pay close attention to their income tax filings this year because of pandemic-related changes to rules for required withdrawals.

Even in normal times, the rules for mandatory minimum withdrawals can be confusing, and are even more so this year because of a mash-up of tax changes and virus relief programs. If you get things right, you can avoid paying unnecessary taxes, financial advisers say.

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Keep These Things in Mind During Tax Season

Thursday, March 4, 2021

Christine Benz: Hi, I'm Christine Benz from Morningstar. We're in the thick of tax season. Joining me to discuss what should be on your radar as you ready your 2020 tax return is tax and IRA expert, Ed Slott. He's the author of a new book called The New Retirement Savings Bomb. Ed, thanks for being here.

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It's time to revisit the IRA trust. Here's why

Monday, March 1, 2021

IRA trusts may have lost some of their luster in the wake of the SECURE Act.

Under the act, long-term tax deferral is still permitted for certain IRA beneficiaries but others must empty the inherited account within 10 years. Beneficiaries of employer-sponsored qualified plans face the same new rules.

 

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Ed Slott Sees Higher Taxes, Slow-Rising Inflation On The Way

Monday, February 22, 2021

Retirement plan investors should position their portfolios to pay taxes sooner, rather than later, according to Ed Slott, founder of IRAhelp.com.

And one strategy to do this is by converting traditional IRAs to Roth IRAs, Slott said Tuesday during a roundtable discussion on how the next round of federal stimulus money will affect the economy. The rountable was sponsored by public relations firm JConnelly.

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2021 Retirement Strategies: A fireside chat with Ed Slott

Monday, February 22, 2021

The new year brings a host of new planning challenges -- and opportunities -- for financial advisers and their clients. Join InvestmentNews' Chief Content Officer George Moriarty as he sits down with IRA planning expert Ed Slott one week before the release of his highly anticipated book, The New Retirement Savings Time Bomb. Discover strategies and get answers to your clients biggest questions in 2021, including:

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