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The Slott Report
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.
This Week's Q&A Mailbag: Excess IRA Contributions and RMDs for Inherited IRAs
Thursday, March 15, 2018
This week's Q&A Mailbag answers reader questions on excess IRA contributions and RMDs for inherited IRAs.
IRS Releases Modified Inflation Adjusted Items
Wednesday, March 07, 2018
The Tax Cuts and Jobs Act revised the way inflation adjusted numbers will be calculated by IRS. The Act now mandates that these numbers be calculated using chained CPI. IRS has gone back and recalculated inflation adjusted amounts for use in 2018.
What Retirement Documents Do You Need to File Your 2017 Tax Return?
Wednesday, February 21, 2018
There are certain events that will require the filing of special forms or tax documents when you file your income tax return. If you have received a distribution from any retirement account, real or deemed, during the year, or if you have done a Roth IRA conversion - even if you did a total recharacterization - or if you have incurred a penalty or additional taxes in a retirement account during the year, you will have to tell IRS about any of these events.
Converting After-Tax Contributions and Aggregating RMDs: Today’s Q&A Mailbag
Thursday, February 15, 2018
This week's Slott Report Mailbag answers readers' questions about avoiding converting after-tax contributions to a Roth IRA and aggregating RMDs.
Roth Recharacterization Update from IRS
Wednesday, January 24, 2018
It has been widely reported that the Tax Cuts and Jobs Act eliminated the ability to recharacterize Roth IRA conversions as of January 1, 2018. On the other hand, it kept the ability to recharacterize IRA and Roth IRA contributions. Despite all of the above, an unanswered question on Roth IRA conversions done in 2017 lingered. At the time of those conversions the taxpayer had the ability to recharacterize the conversion up to October 15, 2018. Was that option still available to them?
A Senior as a First-Time Home Buyer and QCDs: Today’s Q&A Mailbag
Thursday, January 18, 2018
This week's Slott Report Mailbag answers readers' questions about purchasing a home as a senior (as a first-time home buyer) using IRA funds and QCDs under the Tax Cuts and Jobs Act.
Are You and Your Retirement Plan Ready for the New Year?
Wednesday, December 27, 2017
2018 is right around the corner. We will be dealing with massive changes to the tax code due to the enactment into law of the Tax Cuts and Jobs Act. Some of those changes are going to apply to you and some of those changes will affect your retirement and assets that you hope will go to your heirs. Are you ready?
The Once-Per-Year Rollover Rule – What Doesn’t Count
Wednesday, November 29, 2017
In 2014, the Tax Court ruled that an IRA owner could do only one, IRA-to-IRA or Roth IRA-to-Roth IRA, 60-day rollover in a 12 month period. This rule applies no matter how many IRA and/or Roth IRA accounts the IRA owner might have. The 12 months is a full 12 months, not a calendar year. The 12 month period will start with the date that IRA or Roth IRA funds are received.
Retirement Account Limits for 2018
Wednesday, November 15, 2017
While there is a lot of focus on the proposed tax law changes that have a target effective date of 2018, there is something we can count on for 2018, the inflation adjusted retirement account limits. There are currently no proposed changes to the following limits.
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