Traditional IRA | Ed Slott and Company, LLC

Traditional IRA

One Roth IRA Bucket

SCENARIO: John owns multiple Roth IRAs. He believes it is necessary to maintain all these accounts to keep things properly organized and to track his 5-year conversion clocks. He has contributed to Roth IRA #1 for over a decade. He did a partial Roth conversion from a traditional IRA many years ago (to Roth IRA #2).

Retirement Planning for the Self Employed

Not everyone has a boss. In an economy upended by COVID, individuals, sometimes by choice and sometimes not, are striking out on their own and starting new businesses or becoming part of the gig economy. A critical issue for these workers is how to save for retirement.

Earnings are Earnings Within a Traditional IRA

When it comes to taxes and the 10% early distribution penalty, do not allow the underlying investments within a Traditional IRA to confuse what is applicable. Earnings within an IRA are just earnings. It does not matter if those earnings come from appreciation, capital gains, dividends, rents, annuity income, interest, or really any other form of growth. If it happens within the IRA, it is essentially just “earnings.”

FIX/NO FIX – Correcting Retirement Transactions, and Those That are Lost

FIX: Rolling Over the Tax Withheld on a Distribution. Was the mandatory tax of 20% withheld on your work plan withdrawal even though you intended to roll over the entire account? Did you change your mind on an IRA withdrawal and now want to roll it back, but you elected to have taxes withheld on the initial distribution? If money was withheld for taxes on a distribution from a work plan or an IRA and you want to roll over the distribution plus taxes withheld, you can make up the difference “out-of-pocket.” The money withheld and sent to the IRS is gone, but you can replace that withholding with other dollars, roll over the full amount, and have a credit waiting for you for the amount withheld when you do your taxes next year.

How Your Inherited IRA is Taxed

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.

Last Minute IRA Contribution Advice

The 2016 tax-filing deadline is upon us. Are you considering making a 2016 IRA contribution? It’s not too late, but time is quickly running out. Here are some quick words of last minute advice to keep in mind as you make your contribution.

Don't Lose Out on Claiming a Loss: This Week's Q&A

This week's Slott Report Mailbag looks into claiming a loss in a traditional IRA, and 403(b) transfers.

6 Tips for Making Your 2016 Roth IRA Contribution

Tax season is well underway. This is the time when you may be considering contributing to a retirement account. You may be interested in the Roth IRA, which offers the promise of tax-free withdrawals in retirement if you follow the rules. If you are deciding whether a 2016 Roth IRA contribution is the right move for you, here are 6 tips to keep in mind.

What Should My Brother-in-Law Do With Pre- and After-Tax Retirement Funds?

This week's Slott Report Mailbag answers a consumer's question about how much community property rules tie into his and his wife's retirement accounts and works through Tom's brother-in-law's delicate strategy involving pre- and after-tax retirement funds.

Do I Have to Take RMDs From Every Account That I Have?

This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, examines if you have to take RMDs (required minimum distributions) from every account you have and answers if your traditional IRA is tax deductible.

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