The Slott Report | Ed Slott and Company, LLC

The Slott Report

myRA: Analyzing the President's Retirement Plan Proposal

So, did anything happen in President Barack Obama's State of the Union last night that we should be aware of? The President's new retirement plan proposal, called myRA, (rhymes with "IRA" when pronounced correctly - trust us, it's tough) drummed up a lot of discussion over water coolers and across the worldwide web last night and into this morning, including extremely active discussions on Twitter. So what does the proposal mean for advisors, investors and the present and future of retirement planning?

You Will Receive Your 2013 IRS Form 1099-R by the end of January

You’ll be receiving a copy of your 2013 IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., if you took a distribution from your employer retirement plan or IRA last year. The employer plan or IRA custodian has to send you a copy by January 31, 2014. You’ll need to give your tax preparer a copy of it so that your retirement plan distributions are correctly reported on your federal income tax return.

New Version of IRS Publication 590 for IRAs

The new version of IRS Publication 590, Individual Retirement Arrangements (IRAs) for use in preparing 2013 tax returns, has been released by the IRS. It’s used by taxpayers and tax preparers when filing 2013 federal income tax returns.

Differences between 401(k), Roth 401(k) and Roth IRA

We are starting to get asked whether or not there are required distributions from Roth 401(k), Roth 457(b), and Roth 403(b) accounts. The answer is – Yes. Following is our chart that compares some of the features of Roth IRAs, Roth 401(k)s, and 401(k)s.

Slott Report Mailbag: Can My Wife Make a Roth IRA Contribution From Doing Housework?

ed slott IRA questons
This week's Slott Report Mailbag inquires about Roth IRA contribution eligibility, what to do when excess contribution penalties are delivered due to administrative error and the always-confusing 5-year rules for Roth IRAs.

Early Year IRA Contribution Question-and-Answer

Last week I posted a video discussing the importance of contributing to your retirement account early in the year. Without putting any more money into your account over the long run, by simply making your IRA contribution early in the year, as opposed to year-end (or even by April 15 of the following year), you can easily wind up with tens of thousands more in your retirement account to spend during your golden years. In response to the video, as well as the time of year in general, we've received a number of questions. Here are some of the most common ones, along with their answers.

Reinvesting Your Required Minimum Distribution

You have inherited an IRA or you have turned age 70 ½ and now have to take required distributions (RMDs). But you don't need (a relative term of course) the money and you would rather not pay the tax on money you don't need. So what can you do? Click to find out.

Contribute Early to Retirement Accounts for Best Success

IRA contribution early in the year
Contributing to a retirement account EARLY in your life and EARLY in the year can pay big dividends over the long run. How? We explain below.

Slott Report Mailbag: Do IRA Fees Count Towards my RMD?

IRA and retirement planning questions
The first Slott Report Mailbag of 2014 involves several topics we go into detail on at our 2-Day IRA Workshop. Spousal waivers, the 60-day IRA rollover window and required minimum distributions are the topics of the day, and our team of IRA Experts answered each below.

There is No Beneficiary on the Retirement Account: Now What?

An IRA account owner or beneficiary died and there was no named beneficiary for the account. The obvious question comes, "Who inherits the account and how do you calculate the required distribution?" Click to find the answer.
 

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