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The Slott Report

Spousal IRA Contributions and Divorce: What You Need to Know

Friday, February 27, 2015
Spousal IRA contributions and divorce
In a marriage where one spouse (Annie) has earned income and the other spouse (Bernie) has little or no income, an IRA or Roth IRA contribution can be made for Bernie based on Annie’s income. However, what happens if Bernie makes his contribution early in the year and later in the year he and Annie are divorced or separated?
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Ed Slott's Retirement Road Map Now Airing Nationally

Thursday, February 26, 2015
Ed Slott's Retirement Road Map Public Television Special
Ed Slott shows how to take retirement savings on a permanent vacation from taxes and avoid Uncle Sam in his new Public Television Special, Ed Slott's Retirement Road Map! This program is filled with the ingredients that made Ed's previous programs so successful - wisdom, humor and insight, helping viewers navigate the potholes, detours and road blocks to a prosperous and worry-free retirement. Learn how to move your retirement savings from accounts that are forever taxed to accounts that are never taxed.
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Academy Award Losers Win Big ... But Uncle Sam Wins Even Bigger

Wednesday, February 25, 2015
Oscar losers pay tax on prize giveaways
It paid to be a loser at this year’s Academy Awards, at least for some. Instead of taking home the golden Oscar, losing nominees in the big categories – best supporting actor, best supporting actress, best actor, best actress and best director – took home some serious swag.
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How to Use Your IRA to Pay for Higher Education

Tuesday, February 24, 2015
Using IRA to pay for college
IRS Publication 970 explains the tax benefits that may be available to individuals who are saving for or paying education costs for themselves or certain family members such as children. It includes information on Coverdell Education Savings Accounts (ESAs), qualified tuition programs (also called “529 plans”), student loan interest deductions, education savings bonds, and the education exception to the IRS 10% penalty for early IRA distributions. Read more to find out how you can use your IRA to pay for higher education.
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The Cab Driver and His Retirement Plan

Friday, February 20, 2015
Las Vegas cab driver retirement plan
We are in Las Vegas for our 2-Day IRA Workshop. On my way from the airport to the hotel upon arrival, my cab driver and I got into an interesting discussion on retirement plans. Is there a retirement plan for cab drivers? Does Las Vegas temptation cause many to squander retirement savings?
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3 Ways Your IRA is Not Like a Casino

Thursday, February 19, 2015
IRA prohibited transactions
We are in Las Vegas this week for our 2-Day IRA Workshop. Of course, the mere mention of Las Vegas conjures images of big, lavish casinos, so that got us thinking. Are there parallels between your IRA and a casino? Sure there are some, but the reality is (as you might expect), there are some pretty big differences. Here are just three of them.
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Don't Invest IRA Money Outside of Your IRA

Tuesday, February 17, 2015
Investing IRA Funds Outside the IRA
You can invest your IRA funds in just about anything. However, you’re not allowed to invest IRA funds in collectibles, life insurance, and S Corp stock; but other than that, almost everything else would be allowed. It’s important to understand that when we talk about investing your IRA funds, we’re talking about investments inside your IRA. Someone recently learned a hard lesson when he invested his IRA funds outside his IRA, which caused a taxable IRA distribution that the IRS wouldn’t allow him to fix.
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RMD Problems with Plan Rollovers to IRAs

Friday, February 13, 2015
RMD problems with employer plan rollovers
You just hit the magical tax code age of 70 1/2 and decided it was time to move those employer plan retirement funds to an IRA. You must take your required minimum distribution from the plan first. What happens if you don't? IRA Technical Expert Beverly DeVeny outlines the consequences and how to correct them.
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Are the RMD Withholding Rules Different for a Pension Plan?

Thursday, February 12, 2015
ed slott IRA questions
This week's Slott Report Mailbag goes situational - looking at an individual who forget to take his RMD (required minimum distribution) before rolling over his pension plan to an IRA, a woman who wants to find the best path to leave her IRA to her three sons and an employee who was re-hired by his old company and wants to know if he can roll his original 401(k) plan to an IRA. We have the expert answers.
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Answering Reader Questions About the President's Budget Proposals

Wednesday, February 11, 2015
Obama 2016 budget retirement proposals
Last week,we detailed the 14 proposals in the President’s budget that, if implemented, would have a direct impact on retirement accounts. Since that time we/ve been flooded with questions and comments about the proposals, how they would work and what our feelings about them are. Here are Jeffrey Levine's responses to a handful of those inquiries.
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