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Roth

A Way to Jump-Start 529-to-Roth Rollovers

We have covered in The Slott Report the new SECURE 2.0 provision that allows unused 529 plan funds to be rolled over to Roth IRAs. It originally appeared that this new rule was to be effective for 2024. However, the IRS has now said that rollovers done before April 15, 2024 can count as Roth IRA contributions for tax year 2023 if the 529 beneficiary has not already maxed out on his 2023 IRA contribution limit.

How Do You Report 2023 Roth IRA Contributions on Your Tax Return? The Answer May Surprise You

Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.

How Do You Report 2023 Roth IRA Contributions on Your Tax Return? The Answer May Surprise You

Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.

Roth IRA for a Teenager – An Astronomical Result?

The mailman delivered my son’s 2023 W-2 the other day. I was curious what he earned last year as a lifeguard at our community pool, so I opened the envelope.

NEW ROTH PROVISIONS EFFECTIVE IN 2024

When the bell dropped in Times Square last Sunday night, a bunch of new provisions from the SECURE 2.0 legislation kicked in. This article will focus on the Roth-related changes that are effective in 2024.

IRS Gives the Holiday Gift of SECURE 2.0 Guidance

On December 20, the IRS gave us the holiday gift of some guidance on a few provisions from the SECURE 2.0 Act. Notice 2024-02 is in a question-and-answer format and provides much needed clarification on SECURE 2.0 provisions, some of which are already in effect, and others which will come online in just a few short days in 2024.

QCDs and the Roth 5-year Clock: Today's Slott Report Mailbag

By Andy Ives, CFP®, AIF®
IRA Analyst
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QUESTION:

Turning Back the Clocks and Revisiting the Roth IRA Five-Year Clocks

A few weeks ago, many of us were required to turn back our clocks one hour and say goodbye to daylight savings time. And with that change came the usual reminder to change the batteries in our smoke detectors. Based on the number of questions we continue to get about the Roth IRA five-year distribution rules, we think that adjusting the clocks should come with another reminder – on how the Roth IRA clocks work.

4 IRA Tax Breaks for Which We Give Thanks in 2023

Thanksgiving is almost here! This is a time for us to gather together and express our gratitude for all the good things in our lives. When it comes to our retirement accounts, we frequently complain about the negatives, such as the many IRA rules that are way too complicated and confusing.

Still-Time-Left To-Do List

Year-end to-do lists are commonplace. The problem is, they always seem to get published in mid-to-late December. I can almost hear the collective “thanks for nothing” comment from readers as the information arrives too late to act upon. As we are still before Thanksgiving, here are a few year-end items to consider…before it really is too late.

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