Tax | Ed Slott and Company, LLC

Tax

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.

Backdoor Roth IRA Baggage

We hear it all the time. “If your income is too high for a direct Roth IRA contribution, just do a Backdoor Roth. Easy-peasy!” Not so fast, my friend. A Backdoor Roth IRA transaction is like a musclebound hotel bellhop – it can carry a lot of baggage. However, before we can discuss said baggage…

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.

James Caan’s Estate Gets Whacked Over the Same-Property Rollover Rule

You may not be familiar with the tax code’s “same-property rule” that applies to IRA-to-IRA (and Roth IRA-to-Roth IRA) rollovers. The rule requires that the property received in an IRA distribution must be the same property that is rolled over. If you receive cash, you have to roll over cash.

The Back-Door Roth Strategy and Spousal Beneficiaries: Today's Slott Report Mailbag

I earn too much money and can’t do a Roth IRA. I have heard about the back-door Roth IRA strategy for those who earn more than the allowable contribution for the Roth IRA where they contribute to a traditional IRA and then roll over to a Roth IRA.

“Where Does It Say That?” – The Problem with Legalese

My biggest gripe with legislation is the same complaint held by most – the bulk of it is written in legalese – i.e., difficult-to-understand language. I am no idiot, but sometimes I sure feel dumb when I read things like the SECURE Act.

If the IRS Ask Questions, Can Your Actions Be Justified?

A couple of years ago I was asked what the tax consequences are when a Roth IRA is split in divorce. After a pause, I answered honestly: “I have no idea…but will find out.” In fact, there is no specific guidance in the Tax Code or in the regulations on how to handle such a transaction.

Can I Reach My 401(k) Funds While Still Working?

We continue to get questions about the ability of employees to withdraw from 401(k) plans while still working. The tax code includes certain restrictions on these in-service withdrawals. Plans must follow these rules or they risk losing their tax-qualified status. But plans are also free to impose even more restrictive rules than required by the tax code

3 Tips for Making Your 2022 IRA Contribution

Tax season is in full swing. That means that the 2022 tax-filing deadline is not far away. Are you considering making a 2022 IRA contribution? Time is quickly running out. Here are three tips to help you get your contribution done the right way. 1. DON’T Miss the Deadline. The deadline for making your 2022 IRA contribution is the tax-filing deadline, Tuesday, April 18, 2023. Do you have an extension? That won’t buy you more time. Even if you have an extension for filing your 2022 federal income taxes, your deadline for making a traditional or Roth IRA contribution is still April 18, 2023.

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