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The Slott Report
How Having Multiple IRAs Can Help Bequest Planning
Monday, May 21, 2018
Having just one IRA instead of several may simplify paperwork and minimize fees. But when you begin to think about leaving IRA funds to heirs, consider using more than one IRA to do so.
The Death of the DOL Fiduciary Rule?
Wednesday, May 09, 2018
It now appears that the new fiduciary rules proposed by the Department of Labor (DOL) back in June of 2016 are all but dead. Late last week, the Fifth Circuit Court of Appeals rejected a last-minute appeal of its March 15th decision to toss the DOL rules. The appeal was filed by the AARP and three states (New York, California, and Oregon), not the DOL.
Are Nondeductible Contributions to a Traditional IRA the Right Move for You?
Monday, May 07, 2018
Let's say you wish to contribute to an IRA in 2018 but have too much income to make a either a deductible contribution to a traditional IRA or a contribution to a Roth IRA. You still have the option to make a nondeductible contribution to a traditional IRA. Might this make sense for you?
3 Investing Mistakes to Avoid with Your IRA
Wednesday, April 25, 2018
Beware of these 3 investing mistakes with your IRA: late investments, illegal investments, and prohibited transactions. They can cost you or your clients big bucks.
Tracking Roth Contributions for Those Under Age 59½
Wednesday, April 11, 2018
One of the benefits of a Roth IRA is that contributions can always be distributed out of the Roth IRA with no tax, and no early distribution penalty for those that are under age 59½. But, you have to be able to prove to IRS that you are taking a distribution of contributions only. Under the distribution ordering rules, all Roth IRAs are treated as one Roth account, contributions are deemed to be the first amount distributed, then conversions – first in, first out – and lastly earnings are distributed.
Earned Income for IRA Contributions
Monday, April 09, 2018
With the 2017 tax filing date quickly approaching, many taxpayers look to take advantage of IRA contributions to lower taxable income prior to filing. However, before making that contribution, you want to be sure to meet all the eligibility rules.
Spousal IRAs: What are They and Who Can Contribute to One?
Wednesday, March 21, 2018
Spousal IRAs are designed to allow a working spouse to make IRA contributions for a spouse who does not have enough earned income to make their own IRA contributions.
Are You in the IRA Sweet Spot?
Monday, March 19, 2018
If you have an IRA, you need to know about the “sweet spot.” What is the IRA sweet spot? Well, that is when you are between ages 59½ and 70½.
Understanding the Pro-Rata Rule
Monday, March 12, 2018
The pro-rata rule is an important, though commonly misunderstood, rule that affects the taxation of IRA money. It only comes into play when your traditional IRA consists of both pre-tax and after-tax monies. These after-tax dollars can come from non-deductible IRA contributions or rollovers of after-tax funds from employer plans. Either way, once those monies are in the account, subsequent distributions or conversions are subject to the pro-rata rule. The pro-rata rule does not apply to Roth IRA assets. Instead, Roth IRA distributions are subject to their own set of ordering rules.
5 Roth IRA Facts That May Surprise You
Monday, March 05, 2018
Do you think you understand all the rules that govern your Roth IRA? Not so fast! There are many misconceptions as to how these complicated accounts work. Here are 5 Roth IRA facts that might surprise you.
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