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The Slott Report

IRA-Related Tax Breaks for Certain Military Members and Their Families

Memorial Day is almost here, and it should serve as a reminder that we owe a great deal of thanks to all the members of our armed forces, both past and present. With that in mind, today we chose to highlight a couple of IRA-related tax breaks that are available to certain members of our military and their families.

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Are 401(k)s and 403(b)s Different?

In many of our writings we refer to the most popular types of qualified retirement plans, such as 403(b)s and 401(k)s. While these are two very distinct plans with many differing rules, they do share several commonalities. In particular, the main purpose of each is to provide participants with an easy venue for saving and investing for retirement on a tax-beneficial basis. Both have taken a more prominent role as employers continue to jettison traditional pension plans.

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Video: Roth IRA 5-Year Rules: What Money Can You Pull Out...and When?

The Roth IRA 5-Year Rules are some of the most difficult to understand for the average American, and they are laced with potential pitfalls of taxes and penalties if you don't proceed with caution and expert advice. Ed Slott details all of the answers in this IRAtv video on what money you can take out of a Roth IRA...and when!

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IRA Rollover Rules, Roth IRA Contributions Highlight Slott Report Mailbag

This week's Slott Report Mailbag includes questions on the IRA rollover rules, making Roth IRA contributions from 457(b) required minimum distributions (RMDs) and the 60-Day rollover rule as it applies to 401(k) plans. We answered the mail this week from the Arizona Biltmore in Phoenix, where we are stationed all week for Ed Slott's Elite and Master Elite IRA Advisor Group Workshop.

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Free Website Lists Benefits For Seniors

The National Council on Aging maintains a web tool at www.BenefitsCheckUp.org that can help adults over age 55 figure out which of the more than 2,000 federal, state and private benefits programs they might qualify for based on their financial situation and location.

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Video: Can I Move Money From a Roth IRA to a Roth 401(k)?

Ed Slott answers a question from a consumer in Florida about whether he can move money from his Roth IRA to a company-sponsored Roth 401(k). This video describes the differences between the two accounts and answers the question about transferring funds.

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Do You Need a Will?

Wills have been around for a long time. The oldest known will was found in a tomb in Egypt and dates to 2548 BC. It doesn't matter if you are young, old, or in-between; if you own property - you need a will.

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60-Day IRA Rollovers, 5-Year Rules Highlight Mailbag

This week's Slott Report Mailbag includes questions on some of our most-discussed topics, including 60-Day IRA Rollovers and the Roth IRA 5-year rules for distributions. These are delicate areas filled with penalty traps, so make sure you use the answers below as a guide and contact a competent, educated financial advisor to steer you around the landmines of taxes and penalties.

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It May Not Be Too Late to Make a 2011 IRA or Roth IRA Contribution

Wait a minute? Isn’t the deadline for making an IRA or Roth IRA contribution the tax filing deadline, not including extensions? You bet your bottom dollar it is! Then how, you might ask, can you possibly make a 2011 IRA contribution on May 9, 2012 – well after the general filing deadline of April 17, 2012? We'll tell you!

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Building Your Child's or Granchild's IRA

We have previously written about a "lack of financial literacy," indicating that many individuals don't know or understand the benefits of IRAs or saving for retirement. Help set up your children and grandchildren for a successful financial future!

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