The Slott Report | Ed Slott and Company, LLC

The Slott Report

Statistics of Income Bulletin

The IRS has released the winter 2012 issue of the Statistics of Income (SOI) Bulletin. The SOI Bulletin is produced on a quarterly basis and provides the most recent data available from various returns filed by U. S. taxpayers. This latest SOI Bulletin includes data on personal wealth in the U. S. for 2007 and information from individual income tax returns filed for 2009. Information related to several other categories is also provided.

RMDs for Roth IRAs, Trustee-to-Trustee Transfers Highlight Mailbag

This week's Slott Report Mailbag includes questions on taking required minimum distributions from Roth IRAs (do you have to?), handling 401(k)s and Roth IRAs and using trustee-to-trustee transfers to set you up for retirement.

Reporting Lump-Sum Distributions

Recently, we wrote about potential tax advantages available to individuals who receive lump sum distributions from employer-sponsored qualified retirement plans. Both articles confirmed that to qualify for either one of these provisions a lump-sum distribution must be received in one taxable year. This has prompted many questions on how lump-sum distributions are reported and taxed on an individual’s income tax return.

Morningstar Videos: Ed Slott on Last Minute IRA Tax Tips

Ed Slott spoke with Morningstar's Christine Benz earlier this week about last-minute IRA tax tips, including choosing between a traditional IRA and Roth IRA contribution, the backdoor Roth IRA and Roth recharacterizations. The videos can be found below in their entirety. Ed Slott speaks about choosing between a traditional IRA and Roth IRA contribution in this video.

Final Tax Time Tip: Triple Check Contributions and Forms 1099-R and 5498

Most tax returns are done, 1099-Rs have been received, 2011 contributions have been made, and 5498s will be out by the end of next month (May). What's left to be done? Only the double (and triple) checking. Did you make a contribution in 2012 for 2011? Double check now to be sure the IRA custodian coded it as a 2011 contribution. Also double check that it went into the correct account, IRA or Roth IRA, your account or your spouse’s account, IRA or non-IRA account. Now is the time to fix any mistakes, not next year.

Important 2012 IRA and Tax Planning Dates

Whoa! Today is April 13th already? That means we are just days away from this year's tax deadline. Where does the time go? Have you filed yet? If not, you better get crackin'! But even if you've filed your 2011 return already, have you thought about any of the other key deadlines you may need to plan for this year? Before you know it, those dates will be here as well.

RMDs and Roth IRA 5-Year Rules Highlight Mailbag

This week's Slott Report Mailbag includes questions on required minimum distributions (RMDs) (what to take from what accounts) and the ever-popular Roth IRA 5-year rules...seriously, we get several questions on these ordering rules each week. Click to read this week's Q&A with our IRA Technical Consultant.

Minor Beneficiaries Q and A

There are many questions and circumstances to discuss when dealing with minor beneficiaries. This question-and-answer session is aimed to fill in some of the blanks and start a discussion with your financial advisor based on a foundational depth of knowledge.

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.

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