The Slott Report | Ed Slott and Company, LLC

The Slott Report

Is the Way Down Off the "Fiscal Cliff" a Path of Capped Deductions?

Unless you've been locked in the cellar of a medieval castle since the November elections, you've likely heard about the fiscal cliff issue – the popular name given to the impending simultaneous tax increases and budget cuts. No doubt this raises concerns about how going over that cliff, if it happens, could affect you.

Fiscal Cliff Week: The Search For Tax Revenue May Affect Donations to Charities

In the current debate over the upcoming fiscal cliff, limiting income tax deductions is being discussed as a way to increase federal tax revenue. Charities could be adversely affected. Click to find out out.

Year-End Roth IRA Rules

A misconception we see frequently is individuals thinking they have until April 15th to do a Roth conversion for the prior year. The Roth conversion rules are not the same as the Roth IRA contribution rules. We explain the difference below.

Slott Report Mailbag: If I Terminate My Employment in January 2013, Can I Contribute to My Roth IRA?

This week's Slott Report Mailbag looks at Roth contributions and the prerequisites necessary to make a contribution. We also answer a question on investing inherited IRA money in an IRA annuity.

Accelerating the Sale of Appreciated Capital Gain Property: A Strategy Worth Considering

As you are now no doubt aware, there are any number of ways which you might pay more in taxes for 2013 than you will this year. One of those many ways is when you sell long-term capital gain property. Common types of capital gain property are stocks, bonds, mutual funds and real estate. To be considered “long-term,” you must have held the investment for more than one year.

Using Your IRA to Pay For Higher Education

If you are thinking about going back to school but don't have the money, you can potentially use your IRA to pay for higher education expenses. Unfortunately, the distribution from your Traditional IRA will be taxable.

RMD Rules: Year-End Rules of the "Game"

The end of the year is rapidly approaching. It is time to make sure that all required distributions are taken from retirement accounts. Who must take a required distribution? We explain below.

Slott Report Mailbag: Can An Employer Have Both a SEP IRA and SIMPLE IRA Plan For Their Employees?

The Slott Report Mailbag is back with three consumer questions that run the gambit of IRA-distribution and retirement planning. Can you use an IRA as security for a loan? How do you handle inherited IRAs for you and your wife? Can an employer have both a SEP and a SIMPLE plan for their employees? You have come to the right place for the answers.

Holiday Wish List of Tax Code Changes

The holiday season is upon us once again. There are a lot of things we associate with this time of year, but one of the most common has to be exchanging gifts with those we love. I can remember, as a child, writing out my wish list each year and the excitement I’d have wondering which gifts I might actually receive. Recalling those days I thought I would once again prepare a wish list, but with a little twist. Below you will find my holiday wish list to Congress and the IRS for changes I’d like to see made to the tax code.

Charities, IRAs and Hurricane Sandy

Many areas in the Northeast were declared federal disaster areas as a result of Hurricane Sandy. The IRS has provided help for the victims of Hurricane Sandy. Some of the retirement plan initiatives the IRS has announced are explained below.
 

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