The Slott Report | Ed Slott and Company, LLC

The Slott Report

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!

Slott Report Mailbag: How Do I Set Up a Roth IRA For My Grandmother?

ed slott IRA questions tax, retirement planning,
This week's Slott Report Mailbag broadens the scope to issues that touch on IRAs, but also involve other forms of retirement accounts and retirement planning concepts. We look at 10-year averaging, required minimum distributions for employer plans and how to set up a Roth IRA for an older individual working a part-time job.

Your Last-Minute Tax Questions Answered

We are now less than 2 weeks away from the big April 15th tax filing deadline. Regrettably, but not surprisingly, many people are just now getting around to gathering up their tax information or filing their returns. With crunch time upon us, the questions have been pouring in, so with that in mind, here are the answers to 5 of the most common questions we have been hearing over the past few weeks.

Moving Your Roth IRA to another Roth IRA

If you have a Roth IRA, you may want to move that money to another Roth IRA elsewhere. There are two ways to move Roth IRA money to another Roth IRA - we detail them below.

Using the Internet as Your Financial Planner

The Internet is a great thing. You can probably find any piece of information you want somewhere out there. It is only a matter of asking the right question. My mother thinks I look everything up on the Internet. However, along with great information available on the worldwide web, there is a lot of misinformation. Some things are just plain wrong and some are very misleading. The Internet is no substitute for expert financial and retirement planning advice - as a recent bankruptcy court case proves.

Slott Report Mailbag: When Is a Spouse's Consent Required for IRA Beneficiary Exclusion?

ed slott IRA questions tax retirement planning
This week's Slott Report Mailbag answers questions running the gambit of financial planning - from the 403(b) employer plan side to IRA beneficiary rules and the Roth conversion conversation. We also answer a question that is state-specific regarding IRA beneficiary exclusion.

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