The Slott Report | Ed Slott and Company, LLC

The Slott Report

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.

Retirement Plan Forms Used in Your Tax Return

IRS has announced that they are now processing all 2012 tax returns. Tax season is in full swing. What IRS forms might you need to file your tax return if you have any retirement plan transactions?

Slott Report Mailbag: Will Congress Renege on the Roth IRA's Tax-Free Deal?

Roth IRA congress tax-free distributions
We understand the public's apprehension with those in Washington, D.C., and this week we received many questions on recent Congressional action and what may be in store for the future. This week's Slott Report Mailbag examines two issues Congress has not taken a stand on (and in our opinion won't for fear of public outcry and backlash) - the Roth IRA's tax-free distribution power and the Stretch IRA.

Key Retirement Planning Dates During 2012 Tax Season

For all Americans, it’s now 2012 tax season. As we gather our information and records to prepare our federal income taxes for 2012, here are some important dates that affect retirement plans.

IRA Roundtable: Talking New Tax Laws, Tax Time Planning Strategies

Ed Slott and Company is spending two full days talking about the new tax laws, IRAs, retirement distribution planning and more during our 2-Day IRA Workshop starting tomorrow in Orlando. We took some time in the video below to talk about the new tax laws (American Taxpayer Relief Act of 2012) and key planning strategies and dates clients and their tax team should be aware of when filing their 2012 tax returns.

Reminder From IRS: Don't Forget Your 2010 Roth Conversion!

IRS recently issued a "friendly" reminder to taxpayers who did Roth conversions back in 2010 and took advantage of the two-year deal to split their conversion income equally between 2011 and 2012. IRS wants to be sure that those taxpayers do not "forget" to include the second half of their conversion on their 2012 tax returns.

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