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The Slott Report
The Slott Report
Problems with the Once-Per-Year Rollover Rule? This Week’s Q&A
Thursday, May 04, 2017
This week's Slott Report Mailbag looks into 72(t) payments, CD-IRAs, and the once-per-year rollover rule.
6 Things Every Non-Spouse IRA Beneficiary Needs to Know
Wednesday, May 03, 2017
It is not unusual to inherit an IRA from someone who is not your spouse. Many people inherit an IRA from a parent or a sibling. If this is the case for you, here are six things you will want to know.
3 Reasons a 401(k) Deferral Beats an IRA Contribution
Monday, May 01, 2017
1) There Are No Restrictions Preventing a Tax Break When you defer a portion of your salary into a traditional 401(k), the amount deferred will reduce your taxable income dollar-for-dollar. This is true regardless of how much income you (and your spouse, if applicable) have. In contrast, contributions to a traditional IRA are generally entitled to a tax deduction as well, but if your income is above certain limits and you (and/or your spouse, if applicable) are an active participant in an employer-sponsored retirement plan, then that deduction can be reduced or eliminated. Thus, in some scenarios, a contribution to a traditional IRA won’t help you reduce your current tax bill.
What the Trump Tax Plan Means for Your Retirement
Friday, April 28, 2017
On April 26, 2017, the Trump administration released its highly anticipated tax reform plan. The administration said the goals of the plan include growing the economy, creating jobs and simplifying the tax code. The changes proposed are significant and if passed (and that is a big “if”) could have a major impact on your retirement planning.
Did You Have a Loss of Funds in an IRA Thanks to Your Broker’s Illegal Transactions? This Week’s Q&A
Thursday, April 27, 2017
This week's Slott Report Mailbag looks into inherited IRAs, RMDs, illegal trades, and PLRs.
So You Think You Need to Name a Trust as the Beneficiary of Your IRA?
Wednesday, April 26, 2017
In two weeks I had three trusts come across my desk that were named as the beneficiary of the account owner’s IRA. The account owner had now died and the universal question was, “Now what?”
7 Things You Need to Know About the Once-Per-Year Rollover Rule
Monday, April 24, 2017
In 2014, the Tax Court in the Bobrow case ruled that the once-per-year rollover rule applies to all of an individual’s IRAs, not to each of their IRA accounts separately. The Court’s surprising ruling conflicted with a long-standing IRS position in earlier editions of IRS Publication 590 and in private letter rulings. Several years have now passed since this ruling, but there is still a lot of confusion out there about the stricter interpretation of the once-per-year rule. Here are 7 things you need to know to know about this rule that has tripped up many taxpayers.
If You're Over 70 1/2 Years Old and Still Working You Need to Know This
Thursday, April 20, 2017
This week's Slott Report Mailbag looks into still working exceptions, RMDs, and IRA transfers.
How to Increase Your Chances of Audit to 100%
Wednesday, April 19, 2017
Congratulations! You’ve made it through yet another tax season. By now, you should have either filed your return or an extension. If you did the former, and actually filed your return, a three-year statute of limitations clock has begun to tick. This three-year period is generally the amount of time that the IRS has to examine your return via an audit, though there are some exceptions (such as when fraud is involved, in which case there is no statute of limitations).
Interesting Use of the QCD Strategy
Monday, April 17, 2017
Qualified Charitable Distributions (QCDs) are now a permanent part of the tax code. They allow individuals who are at least 70 ½ years old at the time of the transfer to directly transfer IRA funds to a qualifying charity. The individual gets no charitable deduction for these contributed funds, but, they do not have to include the funds in income. It is as if they completely disappear. It’s even better than investing with Bernie Madoff! But wait, there’s more. The QCD transaction can also satisfy a required minimum distribution (RMD) for the year. QCDs are capped at $100,000 per year, per IRA owner.
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