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The Slott Report
What a Year Means When it Comes to Your IRA Rollover
Monday, September 18, 2017
The once-per-year rollover rule says that you can only roll over one IRA distribution from all of your IRAs (both traditional and Roth) in a one-year period. This is a tricky rule and many taxpayers have run into trouble with it. One area that can be very confusing is determining exactly what the definition of “year” is.
Avoid Penalties and Fees by Learning These Rules: Today’s Q&A Mailbag
Thursday, September 14, 2017
This week's Slott Report Mailbag looks into QCDs, RMDs, Rollover IRAs and Recharacterizations.
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.
Want to Donate to Harvey Victims? Consider a QCD
Tuesday, September 05, 2017
As the flood waters slowly recede in the Houston area, many people are asking themselves how they can help the victims of Hurricane Harvey. For those who have IRAs and are charitably inclined a Qualified Charitable Distribution (QCD) may be one way you can help.
Do You Know What to Do When You Inherit an IRA? This Week’s Q&A.
Thursday, August 31, 2017
This week's Slott Report Mailbag looks into QCDs, RMDs and inherited IRAs.
15 Things You Need to Know About ESAs
Monday, August 28, 2017
Education is expensive. If you have children and you are concerned about how you will pay the school bills, you know that you cannot afford to overlook any possible option that may help you save. One savings tool that is frequently overlooked is the Education Savings Account (ESA). Here are 15 things you need to know about ESAs.
Close is Not Enough When It Comes to the 10% Penalty
Monday, August 21, 2017
A well-known quote attributed to baseball great, Frank Robinson, says “Close doesn't count in baseball. Close only counts in horseshoes and hand grenades.” In a recent Tax Court Case, David D. Pritchard et ux. v. Commissioner; T.C. Memo. 2017-136 (July 10, 2017), the Court found the exceptions to the 10% penalty for early distributions from retirement accounts to be more like baseball than horseshoes or hand grenades. Close is not good enough!
Is There a Way Around the 10% Early Distribution Penalty? This Week’s Q&A
Thursday, August 17, 2017
This week's Slott Report Mailbag looks into the one-rollover-per-year rule, RMDs and the 10% early distribution penalty.
Back to School? 10 Things You Must Know About Using Your IRA for Educational Expenses
Monday, August 14, 2017
The arrival of fall means that it’s back to school time! This also means it is time for new school supplies and other bigger expenses. Are you thinking about using your IRA to pay that large tuition bill? The rules can be complicated. Here are 10 things you will want to know.
5 NUA Facts That May Surprise You
Monday, August 07, 2017
You may have heard of the Net Unrealized Appreciation (NUA) tax break. This is a special rule that allows you to qualify for capital gains treatment on distributions of appreciated employer stock from your employer plan. With the market doing well, now may a be a time when this strategy is more appealing than ever. You may understand the basics of how these rules work but here are five facts about NUA that may surprise you.
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