The Slott Report | Ed Slott and Company, LLC

The Slott Report

Wall Street Journal: IRA Rules Get Trickier

The Wall Street Journal's weekend edition featured an article by Kelly Greene on how IRAs are about to get trickier due to Uncle Sam tightening his belt on individual retirement account mistakes. The agency will report to the Treasury Department on how to recoup penalties from those who make IRA errors.

Common Errors in SEP IRA Plans

IRS recently completed a SEP plan compliance project and found errors by both the SEP employer and by the financial institution filing SEP contribution information. Below we outline the errors made by the employers and the financial institutions.

IRA Rollovers, Roth IRA Conversions and Inherited IRAs Highlight Slott Report Mailbag

This week's Slott Report Mailbag answers your questions on IRA rollovers, the Roth conversion conversation when dealing with Social Security benefits as added income, and inherited IRAs. We answer situational questions asked by individuals, couples, and parents who are searching for the best way to leave an inherited IRA to their daughters.

Social Security as a Cheap Annuity Option (Part 2 of 2)

A recent report released by the Center for Retirement Research at Boston College shows that Social Security is one of, if not the cheapest annuities available (click here to see the report). "Well that doesn't make much sense" you might be saying to yourself. After all, you don’t "buy" your Social Security annuity payments right? You're simply entitled to receive them after meeting certain requirements.

Accounting Firm Penalized $34 Million for Promoting Illegal Tax Shelters Involving IRAs

The IRS announced that it reached a financial settlement with an accounting firm that promoted illegal tax shelters, some of which involved Roth IRAs. BDO USA LLP was fined $34.4 million dollars for its part in promoting and not reporting various tax shelters over seven years. Some of these abusive tax shelters involved the use of Roth IRAs.

Using a 401(k) to Buy a Small Business - Response to New York Times Article

The New York Times ran an article on June 13th titled, "Using Your 401(k) to Buy a Small Business," and we feel compelled to discuss the piece and provide a few words of warning on using what is called a ROBS (Rollovers as Business Start-ups) transaction. Ed Slott goes through the article and adds his own expert retirement planning perspective in this IRAtv video below.

Excess IRA Contributions, Company Plans, Roth Conversion Conversation Highlights Mailbag

This week's Slott Report Mailbag includes questions on excess IRA contributions, company plan rules and the Roth IRA conversion conversation. Click to read a Q&A with our IRA Technical Experts.

Social Security as a Cheap Annuity Option (Part 1 of 2)

A recent report released by the Center for Retirement Research at Boston College shows that Social Security is one of, if not the cheapest annuities available (click here to see the report). "Well that doesn’t make much sense" you might be saying to yourself. After all, you don’t "buy" your Social Security annuity payments right? You're simply entitled to receive them after meeting certain requirements.

Using Your IRA to Take Care of Your Pet After You Die

The law allows you to leave money and property to a beneficiary after your death. Generally, the beneficiary must be a person or legal entity capable of accepting the property. Individuals almost always name a beneficiary of their IRA who will inherit the funds after their death. Usually the IRA beneficiary is a person such as a spouse, child, or grandchild. But IRA owners can name a legal entity as their IRA beneficiary, such as a charity, estate, or trust.

IRAtv: Can You Consolidate Converted Roth IRA Funds?

We received an IRA mailbag question from Greg, who wanted to know if he could consolidate all of his separate converted Roth IRA funds into one account. Two important factors to answer this question are: 1) how long have the converted funds been in the Roth IRA? 2) how old is Greg?
 

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