The Slott Report | Ed Slott and Company, LLC

The Slott Report

Where Do After-Tax IRA Contributions Go On Your Tax Return?

You made after tax-contributions to your IRA. How does IRS know that you have after-tax money in your IRA? We explain below.

What the Supreme Court Ruling on Health Care Law Means For YOUR Taxes

The Supreme Court upheld President Barack Obama's 2010 Health Care Law, the Affordable Care Act, with a 5-4 "up" vote on its constitutionality based on Congress' taxing power. Regardless of your politics, with the Supreme Court's decision, there is more certainty that health care taxes, what we call the health care surtax, will take hold on high-income earners in 2013. Ed Slott outlines what the Supreme Court ruling means for YOUR taxes and retirement planning situation in this IRAtv video below:

Inherited IRA Rules, Pro-Rata Tax Rule Highlight Mailbag

This week's Slott Report Mailbag includes your questions (and our answers) on inherited IRA distributions, SEP IRAs and the pro-rata tax rule

5 Quick Questions: Excess IRA Contributions

Today is a very special day here at the Slott Report. Why is that, you ask? Well, today is the start of a brand new feature here at the blog called "5 Quick Questions." From time to time you will see new 5 Quick Questions on all sorts of IRA and retirement account related topics.

It's Not Too Late to Start a 2011 SEP for Some Self-Employed Businesses

A Simplified Employee Pension (SEP) is a plan that allows businesses to make retirement contributions for its employees and owners without getting involved in more complicated qualified plans. Under a SEP, the contributions are deposited to a traditional IRA, sometimes called a SEP-IRA, set up by each eligible employee.

Wall Street Journal: IRA Rules Get Trickier

The Wall Street Journal's weekend edition featured an article by Kelly Greene on how IRAs are about to get trickier due to Uncle Sam tightening his belt on individual retirement account mistakes. The agency will report to the Treasury Department on how to recoup penalties from those who make IRA errors.

Common Errors in SEP IRA Plans

IRS recently completed a SEP plan compliance project and found errors by both the SEP employer and by the financial institution filing SEP contribution information. Below we outline the errors made by the employers and the financial institutions.

IRA Rollovers, Roth IRA Conversions and Inherited IRAs Highlight Slott Report Mailbag

This week's Slott Report Mailbag answers your questions on IRA rollovers, the Roth conversion conversation when dealing with Social Security benefits as added income, and inherited IRAs. We answer situational questions asked by individuals, couples, and parents who are searching for the best way to leave an inherited IRA to their daughters.

Social Security as a Cheap Annuity Option (Part 2 of 2)

A recent report released by the Center for Retirement Research at Boston College shows that Social Security is one of, if not the cheapest annuities available (click here to see the report). "Well that doesn't make much sense" you might be saying to yourself. After all, you don’t "buy" your Social Security annuity payments right? You're simply entitled to receive them after meeting certain requirements.

Accounting Firm Penalized $34 Million for Promoting Illegal Tax Shelters Involving IRAs

The IRS announced that it reached a financial settlement with an accounting firm that promoted illegal tax shelters, some of which involved Roth IRAs. BDO USA LLP was fined $34.4 million dollars for its part in promoting and not reporting various tax shelters over seven years. Some of these abusive tax shelters involved the use of Roth IRAs.
 

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