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Jeff Levine

Can I Convert an Annuity to a Roth IRA?

A holiday weekend version of The Slott Report Mailbag features questions concerning a 1099-R filing error, the possibility of converting an annuity to a Roth IRA and the viability of the often discussed (at least in this space) back-door Roth IRA.

Fix Your 60-Day Rollover Mistake! IRS Releases New Guidance

In one fell swoop, the IRS has just saved thousands of IRAs from the harsh bite of needless and accelerated taxation. On Wednesday August 24, 2016, the IRS released Revenue Procedure 2016-47, which allows you to complete a late 60-day rollover of retirement funds using a self-certification. Here's what this means for retirement account owners.

How to Pay No Tax on Your Capital Gains Using a Free Step-Up in Basis

In order to encourage investments in companies, the tax code provides for the preferential treatment of capital gains (gain on property, such as a stock) if the investment being sold had been held for greater than one year. To illustrate this point, examine the following chart, which summarizes the ordinary income tax rates vs. the long-term capital gains rates that apply at various income levels.

3 Self-Directed IRA Issues To Understand ... Before You Take the Plunge

The increase in investment opportunities that are often available in self-directed IRAs can be enticing, but these investments often present unique challenges that should be proactively addressed. The list of challenges is long, but here are three of the most important things to consider before you establish a self-directed IRA accounts.

The Pitfalls of Transferring an Inherited IRA Account to a Non IRA Bank Account

This week's Slott Report Mailbag examines the RMD rules for business ownership after age 70 1/2 and the pitfalls of transferring an inherited IRA account to a non IRA bank account. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

Another RMD Conundrum: How Can I Liquidate My IRA With RMDs Approaching?

This week's Slott Report Mailbag answers a consumer's question on how to handle taxes with charitable gifts and walks a husband through the complicated process of moving IRA funds to a Roth IRA while facing required minimum distributions (RMDs). As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

5 Things You MUST Know (But Probably Don’t) About the “Still Working Exception”

In general, when you reach age 70 ½, you must begin to take required minimum distributions (RMDs) from your retirement accounts. There are, however, a number of exceptions to this rule. One such exception is commonly known as the “still working exception.” Under this exception, you may not have to take a distribution from your 401(k) or similar plan if...

AICPA’s National Advanced Estate Conference: RUFADAA Is Most Important Law You Don't Know About

Greetings from the 2016 AICPA National Advanced Estate Planning Conference! Having presented the last of my three sessions here on Monday evening, I’ve been enjoying the rest of my time by meeting many CPAs and other professionals here, as well as attending a host of excellent sessions. One session which I particularly enjoyed was presented by Anne Coventry and Karin Prangley, and covered the latest developments in the area of digital estate planning. That may not seem very important to you at first glance, but the reality is that it could be VERY important. And that importance is only likely to grow in the coming years.

How Do I Handle My Excess Roth IRA Contributions?

This week's Slott Report Mailbag examines excess Roth IRA contributions and clarifies the two-year rule on an IRA rollover to a SIMPLE IRA.

What You Must Know About Taxation of EE Series Bonds

Remember those savings bonds Grandma and Grandpa bought for you every year to put away for school? If you’re like most people, you – or your parents – put them in a drawer or safety deposit box until they were needed. After all, how much is there really to do with them? The answer, at least from a tax perspective, can be surprising. Here are five things you should know about the tax treatment of Series EE Bonds.

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