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The Slott Report

Slott Report Mailbag: How Do I Set Up a Roth IRA For My Grandmother?

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This week's Slott Report Mailbag broadens the scope to issues that touch on IRAs, but also involve other forms of retirement accounts and retirement planning concepts. We look at 10-year averaging, required minimum distributions for employer plans and how to set up a Roth IRA for an older individual working a part-time job.

Your Last-Minute Tax Questions Answered

We are now less than 2 weeks away from the big April 15th tax filing deadline. Regrettably, but not surprisingly, many people are just now getting around to gathering up their tax information or filing their returns. With crunch time upon us, the questions have been pouring in, so with that in mind, here are the answers to 5 of the most common questions we have been hearing over the past few weeks.

Moving Your Roth IRA to another Roth IRA

If you have a Roth IRA, you may want to move that money to another Roth IRA elsewhere. There are two ways to move Roth IRA money to another Roth IRA - we detail them below.

Using the Internet as Your Financial Planner

The Internet is a great thing. You can probably find any piece of information you want somewhere out there. It is only a matter of asking the right question. My mother thinks I look everything up on the Internet. However, along with great information available on the worldwide web, there is a lot of misinformation. Some things are just plain wrong and some are very misleading. The Internet is no substitute for expert financial and retirement planning advice - as a recent bankruptcy court case proves.

Slott Report Mailbag: When Is a Spouse's Consent Required for IRA Beneficiary Exclusion?

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This week's Slott Report Mailbag answers questions running the gambit of financial planning - from the 403(b) employer plan side to IRA beneficiary rules and the Roth conversion conversation. We also answer a question that is state-specific regarding IRA beneficiary exclusion.

5 Facts About the April 1 Required Beginning Date

It might sound hard to believe, but amazingly enough, we are just a few days away from the start of April. Its first day, Monday, April 1st, is known as April Fool’s Day to many, but to those in the retirement world, it’s better known as the required beginning date. Unfortunately, this date often causes a great deal of confusion for pre- and post-retirees, so with that in mind, below we explore 5 key facts you need to know about the April 1st deadline. Make sure you know these rules well, or come April Fool’s Day, the joke might be on you.

Using a Power of Attorney for an IRA

If you are elderly, or your parents are elderly and you help them with their finances, you should consider getting a Power or Attorney (POA). A POA lets you name or appoint someone to handle important legal and financial issues for you, either now or in the future if you are unable to make decisions for yourself. A POA can also be used to manage or make decisions related to your IRAs.

Slott Report Mailbag: Does the 2013 Tax Law Authorize Rollover of After-Tax 401(k) to a Roth IRA?

This week's Slott Report Mailbag (a special Monday edition) includes questions on the new tax law and two popular topics - required minimum distribution (RMD) rules for a beneficiary and Roth IRA contribution rules.

Are You Owed a Federal Income Tax Refund?

IRS has announced that an estimated 984,400 taxpayers who did not file a 2009 income tax return are owed over $917 million in refunds. In order to collect your refund, you must file your 2009 federal income tax return by April 15, 2013. The average refund owed is over $500. Find out more about how to claim this refund below.

Special IRA Distribution Tax Break for Miltiary Reservists

Certain retirement plan distributions, known as Qualified Reservist Distributions (QRDs) qualify for special tax breaks. The retirement plan distribution must come from an IRA or from amounts that were contributed as salary deferrals under a 401(k), 403(b) plan or a similar plan.
 

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