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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.

Is 2018 the Year for Your Roth IRA Conversion?

Roth IRAs have been around for 20 years now. Lots of taxpayers have taken advantage of the tax-free benefits of these accounts by converting their traditional IRAs or employer plans to Roth IRAs. But many have hesitated. Maybe you are among those who held back. The year 2018 may be the year to change your mind.

Tax Reform Targets Your Ability to Undo Your Roth IRA Conversion

Recharacterization is currently one of the few “do-overs” allowed under the tax code. Its days may now be numbered. The tax reform legislation currently pending in Congress would do away with recharacterization at the end of 2017.

Tax-Free Roth IRA Conversions?

We received many questions this past tax season about Roth IRA conversions that were supposed to be tax-free, but were not.

What Victims of Casualty Theft Need to Know: This Week’s Q&A

This week's Slott Report Mailbag looks into Casualty Theft, IRS rules, Medicare, and Roth conversions.

Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time

Here are the 11 things you need to know at tax time.

7 IRA Questions to Ask Before You File Your Return

1) Did you make a deductible IRA contribution for 2016? If yes, make sure the deduction is reflected on line 32 of your Form 1040.

Mailbag Q&A: Early Distributions, Back-door Roth Conversions and More

This week's Slott Report Mailbag looks into early distributions, back-door Roth conversions, and Roth IRAs.

Things to Tell Your Tax Preparer During Tax Season

Any time you get a 1099-R for a retirement plan transaction, make sure you give it to your tax preparer. The IRS gets copies of your 1099-Rs, so they need to be included on your income tax return. They cannot be ignored, even if they are for a non-taxable transaction. How will your tax preparer know it is a non-taxable transaction? You have to tell him or her.

Did you Inherit an IRA? Don't Inherit a Mess. This weeks Q&A Mailbag.

This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and backdoor Roth IRA strategies.

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