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The Slott Report

QCDs for 2012? YES, They are Now Available

Congress finally got around to passing tax legislation for 2012 with the American Taxpayer Relief Act of 2012. It revived qualified charitable distributions (QCDs) for two years – retroactively for 2012 and also for 2013. They had to tweak the rules, though, for 2012 since they did not renew the provision until 2013. What major tweak is in store?

Slott Report Mailbag: Can I Claim Roth IRA Losses on My Tax Form?

A new tax law brings a lot of indecision, and we expect the questions to start pouring in over the Taxpayer Relief Act of 2012. In the short term, we continue to see many questions about how to forge forward with proper planning in 2013, outside any of the tax provisions from the new law. This week's Slott Report Mailbag tackles Roth conversion income limits, Roth recharacterizations and the rules governing IRA distributions.

Taxpayer Relief Act of 2012: 5 Key 2013 Retirement Planning Points

The House of Representatives passed a previously-passed Senate bill (H.R. 8), a 157-page bill called the American Taxpayer Relief Act of 2012. There are many retirement planning provisions included in the bill that kept the United States from plunging off the fiscal cliff (cue scary music, plus the equally-scary reality that another showdown over spending cuts and deficit reduction is looming on the horizon).

New 2013 Traditional and Roth IRA Limits Are Set

You may not have noticed that the IRA contribution and income limits increased for 2013 thanks to wall-to-wall coverage of the fiscal cliff. You may not have noticed that the IRA contribution and income limits increased for 2013 thanks to wall-to-wall coverage of the fiscal cliff.

The Most Pressing Year-End Retirement Planning Questions

Tick, tock, tick, tock. 2013 is almost here, and we at The Slott Report want to provide a few more important points to remember if you are still sorting through year-end retirement planning. These are the questions I am getting most frequently as we near the end of the year.

Disability Tax Code Benefits For Retirement Accounts

Whether it be from injury, illness or otherwise, being disabled can be physically trying and mentally challenging. It can also be tough on your wallet, as being disabled often carries with it additional medical costs, not to mention a possible loss of earning power. Certainly no one in their right mind would ever choose to be disabled, but if life has dealt you this hand, there are a few benefits available under the tax code to help you make the most of your retirement accounts. Below are three such benefits, discussed in greater detail.

Ed Slott's Year-End Retirement Planning Alerts

Year-end retirement planning is in full swing. We are less than a week away from Christmas and in two short weeks 2013 will be here. Financial advisors and their clients are working hard to develop a proactive plan to guard against rising taxes. Ed Slott has your answers on gifting, RMDs (required minimum distributions) and QCDs (qualified charitable distributions) in three year-end planning videos found below.

Senators Propose Tax Relief for Hurricane Sandy Victims

We have spent a great deal of online real estate on the financial aftermath of Hurricane Sandy and the toll it took and continues to take on disaster relief efforts both structurally at shore points up and down the Jersey coast and into New York and financially on the tens of thousands who saw their homes, vehicles and personal belongings wash away with the "once-in-a-century" storm.

The Fiscal Cliff and IRS: Still No Extenders Bill, Alternative Minimum Tax Patch

Most of the talk of the fiscal cliff focuses on the impending tax increases and budget cuts and the impact that they will have on businesses, governments, and, ultimately, on taxpayers. One of the ways that taxpayers will be affected is caused by the impact of the fiscal cliff on IRS.

Slott Report Mailbag: I Just Inherited an IRA or Roth IRA From My Spouse. What Do I Do Now?

This week's Slott Report Mailbag answers what we call some of the "nuts and bolts" of IRA planning. We received questions on required minimum distributions (RMDs) and inherited IRAs - two of our most popular topics, and also two of the topics where we see the most mistakes and disaster stories. Away we go with another Thursday mailbag!
 

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