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The Slott Report
Roth IRAs - Favored for Annual Contributions, Neglected for Rollovers from Company Plans
Monday, November 20, 2017
Roth IRAs become 20 years old in January of 2018 and now hold more than $660 billion in retirement wealth, reports the Investment Company Institute. Yet while Roth IRAs have become very popular among individuals who make annual contributions to IRAs, they are near totally avoided by persons who roll over big-dollar distributions from company retirement plans into their IRAs, with these funds going overwhelmingly into Traditional IRAs.
Tax Reform Proposal Unveiled
Friday, November 03, 2017
The much anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code. It is sure to be controversial and subject to political dispute, and specific provisions are likely to change. Here's how the major provisions that most matter to helping your clients read now.
The Rules and Strategies When You Inherit an IRA From Your Spouse: This Week’s Q&A
Thursday, November 02, 2017
This week's Slott Report Mailbag looks into RMDs and spousal IRA beneficiaries.
Monday, October 16, 2017
Rothification is a term that is being tossed around a lot as tax reform takes center stage in Congress. What does Rothification mean? Proposals vary but, basically, it’s the idea of eliminating tax deductions and deferrals for retirement savings and instead mandating after-tax contributions with a payoff of tax-free earnings down the road. This is how Roth IRAs and Roth 401(k)s work so hence the term “Rothification” has emerged.
How Your Inherited IRA is Taxed
Monday, September 25, 2017
Have you inherited an IRA? What type of IRA is it? Your answer will matter a lot when it comes to your tax bill. Inheriting a traditional IRA will have very different tax consequences than inheriting a Roth IRA.
5 Retirement Savings Strategies for Younger Workers
Monday, September 11, 2017
No one can argue that the millennial generation faces big challenges when it comes to savings. Younger workers are dealing with record setting student loan debt, high housing costs and stagnant wage growth. It’s hard to save for retirement when you are worried about the next month’s rent. Here are five strategies to help younger workers get started saving for retirement.
You Must Play by the Rules with RMDs and QCDs: Q&A Mailbag
Thursday, August 24, 2017
This week's Slott Report Mailbag examines Roth IRA transfers, QCDs and RMDs.
Say Goodbye to the myRA Account
Wednesday, August 16, 2017
On July 28, the Treasury Department announced that it was ending the myRA program. The Department issued a very brief statement saying that as part of the Administration’s effort to assess existing programs and promote a more effective government it was determined that this program was not “cost effective” due to its low enrollment.
5 Strategies to Reduce RMDs
Monday, July 17, 2017
Nothing lasts forever. This includes tax deferral on your IRAs. Eventually, Uncle Sam is going to want his share and will require funds to come out of these accounts. That is when required minimum distributions (RMDs) must begin. What if you don’t need the money? What if you don’t want a tax hit? Here are five strategies to reduce your RMDs.
Once-Per-Year Rollover Rule – The Exceptions to the Rule
Wednesday, June 28, 2017
As with most IRA rules, there are exceptions to the once-per-year rollover rule. The rule applies to IRA-to-IRA and Roth IRA-to-Roth IRA 60-day rollovers. Just to be clear, an IRA rollover occurs when a check is issued by the IRA or Roth IRA custodian that is payable to the account owner. The following are the exceptions.
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