The Slott Report | Ed Slott and Company, LLC

The Slott Report

3 Financial and Retirement Planning Keys As Your Wedding Nears

Ed Slott and Company IRA Technical Consultant Jeffrey Levine discusses 3 financial and retirement planning keys you should discuss with your impending spouse as your wedding nears. Jeffrey talked about these keys in the IRAtv YouTube video below.

More Information on IRS' Tax Filing Extension to Boston Bombing Victims

The IRS issued a News Release (IR-2013-43) that gives a three-month tax filing and payment extension to Boston area taxpayers and others affected by the bombs at the Boston Marathon on Monday, April 15th. The new deadline is July 15, 2013.

Roth Conversions and the Pro-Rata Rule

For IRA distribution purposes, all IRAs (except Roth IRAs) are considered one big giant IRA. It doesn’t matter if you have one IRA that was rolled over from a former employer, and one SEP IRA with your current employer, and one contributory IRA where you put annual contributions, and one after-tax IRA where you put contributions for which you do not take a deduction. All four IRAs will be considered one IRA any time you take a distribution.

IRS Provides Relief to Those Affected by Boston Marathon Bombing Tragedy

Let me start by saying we here at Ed Slott and Company were horrified and deeply saddened by the deadly bombings at the Boston Marathon on Monday. Our hearts go out to the victims and their families, and we salute the first responders and brave citizens who so courageously rushed to the aide of so many who were in need, no doubt saving countless lives.

Making a 2012 IRA Contribution AFTER April 15, 2013

Now that April 15, 2013 has passed, and the anxiety of filing our 2012 tax returns is over for most of us, some of you may be wondering if it’s possible to make an IRA contribution for 2012. The answer generally is no, but there are some exceptions. We explain these exceptions below.

Required Minimum Distributions for Beneficiaries - Complicated or Easy?

An advisor called recently with this scenario. A 20-something beneficiary, let’s call her Corey, had just inherited several retirement accounts from her 50-something father. Corey was the named beneficiary on each account. Would you have known how to handle each one of them?

Slott Report Mailbag: Can I Keep Doing Backdoor Roth IRA Conversions?

This week's Slott Report Mailbag includes questions about the rules involved intended yearly contribution dates (is it when the check was postmarked or when the custodian received it?) and the backdoor Roth IRA conversion.

Tax Time 1040 Madness

With just 5 days left in the 2013 tax season, you might be scrambling to prepare your tax returns at the last minute, but as you go to reach for that 1040, here’s the question… which one? Yes, believe it or not, there are actually many different 1040 options available to you. Which one you should use depends on a number of factors, such as your filing status, your residency/citizenship status, the credits and deductions you’re eligible to claim and even how much taxable income you have!

IRA Bankruptcy Exemption Amount Increases

As of April 1, 2013, the maximum bankruptcy exemption amount for IRAs increased from $1,171,650 to $1,245,475. This exemption amount is subject to cost-of-living adjustments (COLAs). Since most Americans don’t have IRA balances anywhere near $1 million, the IRAs of almost everyone will be fully protected from their creditors if they declare bankruptcy.

Retirement Plan Income Tax Deadlines

We are down to the wire. Tax day is Monday, April 15th and it is coming up quickly. Following are some retirement plan deadlines you don't want to miss!
 

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