The Slott Report | Ed Slott and Company, LLC

The Slott Report

Study Shows Lack of IRA and Financial Planning Knowledge

Financial Services Organization TIAA-CREF recently conducted a survey among Americans to gauge their understanding of IRAs. The less than stellar results are not surprising. We take a look at the survey below.

Two Tax Time IRA Questions

Here are two questions that come up a lot at tax time: Can I do a conversion now for 2011? and Joe died last year. He had earned income. Can we make a contribution to his IRA or Roth IRA account for last year. Find the answers below.

Roth IRA Contributions and Conversions Highlight Mailbag

Tax time is drawing near, and as expected, we had several questions about IRA and Roth IRA contributions in this week's Slott Report Mailbag. We answer those questions as well as a question on converting an IRA to a Roth IRA near retirement.

Crazy Tax Deductions Aren't Usually Correct

With less than two weeks to go in tax season, accountants across the country are putting in the long hours and nights that are so often required. With 10, 12, 16+ hours a day the norm, it can be easy to go a little loopy. One way to help keep one’s sanity through the process is to try and inject a little humor now and then. Cue ridiculous tax deductions people try and claim.

Questions on QCD Tax Reporting and Roth Conversions Highlight Slott Report Mailbag

This week's Slott Report Mailbag answers questions about reporting qualified charitable distributions on your tax return, rolling after-tax 401(k) contributions to a Roth IRA and taking Roth IRA losses if the investment has lost substantial value.

IRA and Roth IRA Contribution Q&A

With Tax Day right around the corner, it is the perfect time to answer the most popular questions involving IRA and Roth IRA contributions. Below are five of the more popular questions.

Net Unrealized Appreciation (NUA): The Big Income Tax Advantage

There is a little known provision in the tax code that can provide a huge income tax advantage in the right circumstances. We explain this provision and how it may affect you below.

The Younger, The Richer: Start Saving Early with Roth IRA

One of the most effective ways to accumulate a large retirement nest egg is to start young. And no age is too young. In fact, the younger the better. Even a one year-old can make an IRA, or better yet, a Roth IRA, contribution as long as they have earned income – perhaps as a model in a Gerber Baby Food commercial. In reality though, most people don’t start contributing to retirement accounts until much later on in life.

When Can I Take a Roth Distribution? It's All About the Rules

Last week I said that some taxpayers may be forced to take funds from their Roth IRA to pay the income tax due on a Roth IRA conversion. Yes, you can take money out of your Roth IRA. Generally there is no income tax due on a distribution, but if you are under age 59 ½ you may owe the 10% early distribution penalty. Here’s the way it works.

RMD Rules, IRA Contribution Limits Highlight Slott Report Mailbag

IRAs are different, complicated, but in the end, a great avenue for retirement planning. In this week's Slott Report Mailbag, we answer questions on required minimum distribution rules (RMDs), IRA contribution limits and how to take withdrawals if you are a non-designated beneficiary.

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