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The Slott Report

3 Things You Didn't Know About IRA Prohibited Transactions

Prohibited transactions are a list of things that you cannot do with your retirement account. In fact, they are one of the worst things you can do with a retirement account. When a prohibited transaction occurs, your entire IRA is deemed distributed as of January 1 of the year you made the prohibited transaction. This can lead to any number of negative consequences, the least of which include massive taxation and penalties. Since the prohibited transaction rules are so important, the basic information can be readily found in IRS publications and other places on the web, but here are 3 things most people don’t know about them.

How to CORRECTLY Report Tax-Free IRA-to-IRA Rollovers on Your Tax Return

As we approach the April 15, 2014 tax filing deadline, one of the things you have to report on your tax return is an IRA-to-IRA rollover. Whether you’ve already filed your taxes for 2013 or you’re waiting until the last minute, here is how to correctly report a tax-free IRA-to-IRA rollover. Don’t assume that because an IRA-to-IRA rollover is tax-free that it doesn’t need to be reported on your tax return; it has to be reported!

IRA Custodian Creates 60-Day Rollover Problems

In a recent 60-day rollover private letter ruling request, an individual was allowed to complete a rollover of only a portion of his IRA distribution. Click to find out what happened.

Slott Report Mailbag: Can I Recharacterize AGAIN?

ed slott IRA questions
You can't just contribute to an IRA if you have extra money lying around and don't work. It's a fact that many Americans aren't aware of, and it's one that came up in this week's Slott Report Mailbag. We also examine the ability to recharacterize part of a Roth conversion more than once and the process for establishing IRA annuities.

Don't Rely on Your IRA Custodian to Pay You Your Required Minimum Distribution

As we enter April 2014, many of you are having your taxes prepared for 2013. Maybe you're having your taxes done by a professional tax-preparer such as a CPA or other professional, or maybe you’re doing it yourself - hello Turbo Tax! Click to learn how to avoid a 50% penalty on your RMD.

April 1st IRA Required Beginning Date Deadline for RMDs

If someone who turned age 70 1/2 did NOT take their first mandatory required minimum distribution (RMD) last year, they MUST take it by today (April 1) as well as their 2014 RMD by year end. Levine discusses the nuts and bolts of what you need to know in the video below.

Ed Slott's THE EXPERTS Wall Street Journal: The Retirement Advice I Wish I Had At 30

ed slott retirement expert wall street journal
Read what Ed has to say about the advice he would give a 30-year-old Ed Slott.

A Taste of Income Tax History

The 2014 tax season is quickly coming to a close and chances are you either have grumbled over your tax bill, or soon will. The question is, when you do that, should you be longing for “the good ol’ days” when taxes were lower, or should you be counting your blessings that you have today’s tax rates to contend with and not those of years’ past? In all likelihood, a little bit of both is true. Click to read about the history of income tax in America.

IRA Survey Shows People Spend More Time Choosing a Restaurant Than Planning IRAs

The latest TIAA-CREF survey finds that fewer than 1 in 5 Americas are contributing to an IRA, potentially missing tax and savings benefits. The survey, conducted by an independent research firm between February 13-16, 2014, showed that just 17% of respondents contributed or were contributing to an IRA in 2014 - down from 19% last year and 22% in 2012.

Be Careful How You Mail Tax Return and IRA Contributions

Have you ever been to the post office on April 15th? If not, I wouldn't recommend it. It's a zoo. Chances are that if you ever make such a trip, the lines will be long and the wait even longer. Why? Because all the last-minute procrastinators are there to send out their tax returns. Click to find out how to avoid this rush.

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