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The Slott Report

Slott Report Mailbag: Is a Conversion From an IRA to a Roth IRA Subject to the 10% Penalty?

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This week's Slott Report Mailbag looks at the 10% early distribution penalty, which is in affect before age 59 1/2 in many cases. We also answer a tricky question about Roth recharacterizations.

How IRA Distributions Impact the 3.8% Healthcare Surtax

IRA distributions impact 3.8% healthcare surtax
How can you and your financial advisor work together to lower your tax liability? One of the questions we often ask financial professionals is, "what have you done to lower your clients' exposure to the new 3.8% healthcare surtax on net investment income?" View our IRAtv video below.

Taking Non-Cash Required Distributions from Your IRA

When individuals take withdrawals from their IRAs, it's usually a cash withdrawal. By cash, we don't mean dollar bills; instead it's usually done by issuing a check. But it's possible to take a non-cash withdrawal from certain IRAs. These non-cash distributions are known as property distributions or “in-kind” distributions. Click to learn more about these distributions.

Inheriting More Than One IRA: What You Can and Can't Do

What happens when you or your client inherits more than one IRA? Can they be combined into one account? Do you have to take required minimum distributions (RMDs) from each account separately or can the distributions be aggregated? The answer will depend on who the inherited account came from as well as what type of account it is.

Video Alert: IRS, Taxes and Same-Sex Married Couples

The Slott Report has extensively looked at IRS' DOMA guidance as it relates to taxes, IRAs and same-sex married couples through IRS Rev. Ruling 2013-17. Now, we have put all key points into a video alert at Ed Slott and Company's YouTube Page, IRAtv. The video below with Ed Slott and Company IRA Technical Consultant Jeffrey Levine talks about the tax and retirement planning issues related to Rev. Ruling 2013-17.

Spousal IRA Rollovers For Same-Sex Couples

Previously, same sex married couples did not have the spousal IRA benefits of opposite-sex married couples under the tax code. These benefits include the ability to make spousal IRA contributions, tax-free splitting of IRAs in a divorce, and spousal rollovers at death. However, the IRS recently issued guidance that gives same-sex married couples the spousal IRA benefits.

IRS Issues DOMA Ruling

On August 29th, IRS issued Revenue Ruling 2013-17 to clarify some of the federal tax issues raised by the U.S. Supreme Court’s ruling in the Windsor case. In case you have not been keeping up with the news for the last couple of months, the Supreme Court ruled that Section 3 of DOMA (Defense of Marriage Act) was unconstitutional thus making same-sex marriages “legal” at the federal level. The Court’s decision left the definition of marriage up to the individual states.

Slott Report Mailbag: Going Back to the IRA Basics

ed slott IRA, retirement planning, tax questions
It's fitting and all. School is in session or about to begin for many, so this week's Slott Report Mailbag provides the syllabus for IRAs 101, answering consumer questions on some of the IRA nuts-and-bolts you and your financial team must know to properly open, manage and distribute from an IRA.

Japanese Estate Tax Rate Proposal vs. Current U.S. Law

The Japanese prime minister has come up with a new estate tax rate proposal that is far different than current United States estate tax law. Ed Slott and Company IRA Technical Consultant Jeffrey Levine looks at the Japanese proposal and how it compares to U.S. law (along with some helpful information on the United States' estate tax benefits) in the IRAtv video found at this link or embedded below.

IRA Contributions After Death

The general rule for making IRA contributions after an individual dies is that you can’t. However, as is the case with many of the IRA rules, there is an exception. We explain below.

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