You are here

beverly deveny

Commingling Inherited Assets and QCDs: Today’s Q&A Mailbag

This week's Slott Report Mailbag answers readers' questions about commingling assets and QCDs.

Non-Deductible Contributions, Form 8606, and Conversions: Today’s Q&A Mailbag

This week's Slott Report Mailbag answers readers' questions about non-deductible contributions, form 8606, and conversions.

Tracking Roth Contributions for Those Under Age 59½

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.

Putting Your 2017 QCD on Your Tax Return: Four Things You MUST Know

A QCD is a qualified charitable distribution. It is a way to transfer funds from your IRA to a qualifying charity as a non-taxable distribution. It can also satisfy your RMD (required minimum distribution) for the year. You must be at least age 70½ at the time of the transaction to qualify. There are four things that you must know.

Spousal IRAs: What are They and Who Can Contribute to One?

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

This week's Q&A Mailbag answers reader questions on excess IRA contributions and RMDs for inherited IRAs.

IRS Releases Modified Inflation Adjusted Items

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?

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

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

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?

Pages

Subscribe to RSS - beverly deveny