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The Slott Report
The Slott Report
Putting Your 2017 QCD on Your Tax Return: Four Things You MUST Know
Wednesday, April 04, 2018
A QCD is a qualified charitable distribution. It is a way to transfer funds from your IRA to a qualifying charity as a non-taxable distribution. It can also satisfy your RMD (required minimum distribution) for the year. You must be at least age 70½ at the time of the transaction to qualify. There are four things that you must know.
Using Your IRA for a Short-Term Loan
Monday, April 02, 2018
For many Americans, their IRA is their largest asset. It is not surprising then that in times of financial trouble, they may want to turn to their IRA as quick source of cash. If this is your situation and you are thinking about using your IRA for a short-term loan, here is what you need to know.
Conversions, Missed RMDs, Inherited IRAs: Today’s Q&A Mailbag
Thursday, March 29, 2018
This week's Slott Report Mailbag answers readers' questions about conversions, missed RMDs, and inherited IRAs.
How Safe Are Your Tax Secrets?
Wednesday, March 28, 2018
Tax return information is confidential. As the April 17th tax filing date approaches, pay attention to keeping your tax return information out of the hands of those who could cause you harm.
Retirement Planning for the Self-Employed – The Solo 401(k)
Monday, March 26, 2018
One of the many issues facing self-employed individuals is how to save for retirement. Of course, one option is to open a traditional or Roth IRA. However, the annual maximum contribution ($5,500 for 2018 if you are under age 50) is low in terms of retirement planning. Therefore, the self-employed often look to adopt employer-sponsored retirement plans. While there are a number of options, the Solo 401(k) is one of the most popular arrangements. Not only does the Solo 401(k) produce higher contribution levels than other arrangements, but employer contributions are tax deductible! Of course, like anything else, there are pros and cons.
This Week's Q&A Mailbag: 401(k) Contributions and Beneficiary of an IRA
Thursday, March 22, 2018
This week's Q&A Mailbag answers reader questions on over contributions to a 401(k) and distributions from an inherited IRA.
Spousal IRAs: What are They and Who Can Contribute to One?
Wednesday, March 21, 2018
Spousal IRAs are designed to allow a working spouse to make IRA contributions for a spouse who does not have enough earned income to make their own IRA contributions.
Are You in the IRA Sweet Spot?
Monday, March 19, 2018
If you have an IRA, you need to know about the “sweet spot.” What is the IRA sweet spot? Well, that is when you are between ages 59½ and 70½.
This Week's Q&A Mailbag: Excess IRA Contributions and RMDs for Inherited IRAs
Thursday, March 15, 2018
This week's Q&A Mailbag answers reader questions on excess IRA contributions and RMDs for inherited IRAs.
12 Ways the IRS Website Can Help You Reduce Your Taxes and File Your Return
Wednesday, March 14, 2018
The IRS website provides a host of free resources that can help minimize your tax bill and manage your taxes all year round. Yet, most taxpayers are unaware of them. Here are a dozen of the best.
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