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The Slott Report
Is 2018 the Year for Your Roth IRA Conversion?
Monday, February 19, 2018
Roth IRAs have been around for 20 years now. Lots of taxpayers have taken advantage of the tax-free benefits of these accounts by converting their traditional IRAs or employer plans to Roth IRAs. But many have hesitated. Maybe you are among those who held back. The year 2018 may be the year to change your mind.
This Week's Q&A Mailbag: Two RMD Questions
Thursday, February 08, 2018
This week's Q&A mailbag answers two reader questions about RMDs.
What Tax Reforms Means for Your "Back-Door" Roth IRA Conversion
Monday, February 05, 2018
You may be interested in contributing to a Roth IRA but think your income is too high. You are probably aware that there are income limits that apply to Roth IRA contributions. For 2018, if you are married, your ability to make Roth IRA contributions phases out when your Modified Adjusted Gross Income (MAGI) is between $189,000 - $199,000 and between $120,000 - $ 135,000 if you are single. Are you out of luck if you are a high earner? The answer is "no" and tax reform makes this clearer than ever.
Tax Reform and Your IRA – 5 Things You Need to Know
Monday, January 22, 2018
The Tax Cuts and Jobs Act made sweeping changes to the tax laws. Brackets have been changed, deductions have been eliminated, and retirement plans have been affected. You may be wondering what the new law means for your IRA. Here are 5 things you need to know.
Roth IRA Contributions and RMD Rules: Today’s Q&A Mailbag
Thursday, January 11, 2018
This week's Slott Report Mailbag answers readers' questions about Roth IRA contributions and RMD rules.
Happy 20th Birthday Roth IRA! – Here Are 20 Roth IRA Facts You Need to Know
Monday, January 08, 2018
The year 1998 seems like a long time ago. In January 1998, Bill Clinton was in the White House and about to be impeached. The Unabomber was in the news and the Spice Girls were winning music awards. January 1, 1998 also brought us the launch of Roth IRA. However, unlike other ‘90’s memories, the Roth IRA is still going, stronger than ever. You may already be reaping the tax benefits of your own Roth IRA. Or, maybe you’ve hesitated to open one. The 20th anniversary may be the time for you to take the plunge. To celebrate the occasion, here are 20 Roth facts you need to know.
Tuesday, December 26, 2017
We at the Slott Report would like to wish all our readers and their families a very happy holiday season! We thank all of you for taking your valuable time to read the Slott Report over the past year. We have heard from many of you and welcome your comments and feedback. Keep it coming!
Tax Reform Targets Your Ability to Undo Your Roth IRA Conversion
Monday, December 11, 2017
Recharacterization is currently one of the few “do-overs” allowed under the tax code. Its days may now be numbered. The tax reform legislation currently pending in Congress would do away with recharacterization at the end of 2017.
RMD Quiz – How Well Do You Know the Rules?
Monday, November 27, 2017
If you have an IRA, you should realize that what goes in must come out. In other words, your tax deferral will not last forever. Eventually, Uncle Sam will want his share. When you reach retirement age, required minimum distributions (RMDs) will kick in. Are you prepared? Take our RMD quiz and see how well you understand the basic RMD rules.
Tax Reform and Your Retirement Account
Monday, November 13, 2017
House Republicans took the first shot at tax reform with the release of the Tax Cuts and Jobs Act on November 2. Now it is the Senate’s turn to weigh in. Not surprisingly, the Senate’s take on overhauling the tax code looks very different than the House version. You may wonder how your retirement account may be affected. Here are some highlights.
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