The Slott Report | Ed Slott and Company, LLC

The Slott Report

Roth IRA 5-Year Rules, Roth 401(k) Transfers Highlight Mailbag

Some of the trickiest IRA situations involving the Roth IRA 5-year rules. We receive questions about them constantly with each situation just a little bit different than the others. In this week's Slott Report Mailbag, we answer questions on the 5-year rules as well as an inquiry about Roth 401(k) transfer provisions.

Do You Have to File a Tax Return?

One of the most common questions asked during tax season is, "Do I have to file a tax return?" The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your personal exemption, you must file a return. The standard deduction is higher for those 65 or older, so age makes a difference in some cases.

Leaving Your Current Job? You Have Retirement Plan Options

It is time to examine six options individuals have for their retirement plan benefits when they leave an employer. At some point in their lives, most workers will find themselves in this situation and they need to be as adequately informed as possible in order to make the best choices for themselves and their families. Click to read more about these options.

IRA Contribution Questions at Tax Time

IRAs and tax season go hand in hand. Below are a list of the most popular IRA tax-related questions we have been receiving over the last month or so. Make sure you are up to speed on what you can and can't do to get the most out of your tax return, and in turn, your retirement planning.

Roth IRA Conversion Limits, Spousal Inherited IRAs Highlight Mailbag

This week's Slott Report Mailbag includes questions (and our answers) on the Roth IRA conversion limits, Roth recharacterizations and paying tax on a 2010 Roth conversion, and how a spouse should handle an inherited IRA.

Can I Still Recharacterize a 2010 Roth IRA Conversion?

You will receive various questions as the tax deadline draws near, and a popular one involving IRAs goes something like: "Can I still recharacterize my 2010 Roth IRA conversion?" Many people will realize that they must begin to pay taxes on this conversion this year, and some will ask if the conversion can be undone, especially if he or she doesn't have the money to pay the tax. The answer and advice you need to give can be found in the below video from our YouTube page, IRAtv.

Gift Tax Exemptions Going Down? Plan Properly Before 2013

Today is the last day of February, so there's a good chance that unless you've already done so, you're about ready to go into full tax return mode – gathering your documents, pulling together your receipts and making a list of all those charitable contributions you're going to tell your CPA you made. And while getting your tax return filed on time is important, it's also important to keep one eye on the future, planning ahead so that future tax returns are less painful than they otherwise might be.

2012 Tax Code Changes

Numerous tax changes are in store for individuals in 2012. It's very difficult, however, to write with any degree of certainty about those affecting your income taxes because Congress has shown a tendency to make retroactive changes at any point in time. A number of income tax provisions that affected individual tax payers expired at the end of 2011. See some examples below.

Income Tax Due on 2010 Roth Conversion

You will have income tax due if you went through with a 2010 Roth conversion, so make sure your tax return includes deferred income. Did you do a Roth conversion in 2010 and take the default option of deferring the income to 2011 and 2012?

Converting Inherited IRAs, IRA Rollovers Highlight Mailbag

IRAs can be tricky, especially when you are a beneficiary trying to convert the funds to tax-free territory. We answer a question on that subject, as well as questions on IRA rollover rules and Roth IRA distributions in this week's Slott Report Mailbag.
 

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