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Roth IRA

5 Common IRA Mistakes and Proper Corrective Action…If Available!

Year after year, many of the same IRA errors happen again and again. Based on the volume of times these mistakes occur, it seems appropriate to create a short list of repeat offenders…and offer some advice on how to properly move forward. In no particular order, here is a handful of common IRA mistakes, along with the proper corrective measures.

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.

Back-Door Roth IRAs and Roth 401ks: Today's Slott Report Mailbag

Question: Hi Can we contribute backdoor Roth IRA money to my husband’s Roth IRA since I have existing traditional IRA accounts, but my husband has none? Thank you very much for answering my questions. Pinan

Making a 2023 IRA Contribution? Here are 4 Rules That May Surprise You

The tax season is upon us. This is the time when many individuals fund their IRAs by contributing for the prior year. Contributing to an IRA may seem pretty straightforward, and in many ways it is! But there can be twists. Here are four rules that may surprise you when you make your 2023 IRA contribution.

Making a 2023 IRA Contribution? Here are 4 Rules That May Surprise You

The tax season is upon us. This is the time when many individuals fund their IRAs by contributing for the prior year. Contributing to an IRA may seem pretty straightforward, and in many ways it is! But there can be twists. Here are four rules that may surprise you when you make your 2023 IRA contribution.

Roth Conversions and Inherited IRAs: Today's Slott Report Mailbag

QUESTION: If an individual has both an IRA and a 401(k) and wants to convert the IRA to a Roth IRA, does he have to take both the IRA and the 401(k) RMD (required minimum distribution) before doing a Roth conversion? Thanks for your kind attention.

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.

BACKDOOR ROTH IRA CONVERSIONS AND THE ANNUAL RMD REQUIREMENT: TODAY’S SLOTT REPORT MAILBAG

Question: Is it possible to do a Backdoor Roth IRA conversion with a SEP IRA? If yes, how does it work? Thank you! Yulia

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