The Slott Report | Ed Slott and Company, LLC

The Slott Report

Roth Conversions Highlight Mailbag

This week's Slott Report Mailbag discusses the main IRA topic that will dominate year-end planning...a 2010 Roth conversion.

Roth Conversions and Stretching The Tax in Mailbag

This week's Slott Report Mailbag discusses some complex, timely issues involving the myths about Roth conversions and the ability to stretch the tax paid on a Roth Conversion over three years. Can that be done?

Required Minimum Distributions, Roth Conversion Taxes Highlight Mailbag

This week's Slott Report Mailbag discusses some complex, timely issues involving RMDs and what happens if someone who takes a Roth Conversion with the intent of spreading the tax over 2011 and 2012 dies suddenly.

Required Minimum Distributions for a Successor Beneficiary

Before we even get to the RMDs, what exactly is a successor beneficiary? Let’s say that Great-Uncle Scott dies and leaves his IRA to his daughter Rosemary. Rosemary is the IRA beneficiary. Rosemary names her nephew James as her “successor” beneficiary. If Rosemary dies with funds remaining in her inherited IRA, then James will succeed to her remaining benefit – he becomes the successor beneficiary.

Required Minimum Distributions While Working? Find Out in Mailbag

This week's Slott Report Mailbag discusses some complex, timely issues involving social security benefits and required minimum distributions while working past age 70 1/2. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

IRA Subject to IRS Levy?

Can an IRA be levied by IRS?The bad news is that, yes, it can be subject to an IRS levy. The good news is that such a levy will not be subject to the 10% early distribution penalty if you are under age 59 ½ at the time of the levy. The amount taken by IRS will be reported as a distribution to you and you will owe income tax on the amount taken by IRS.

Can You Convert Assets to a Roth 401(k)? Part II

Can you convert assets to a Roth 401(k)? We initially tackled this question in a September 22nd article. need an update.

Year of Death Required Minimum Distributions

Required minimum distributions (RMDs) start at age 70 ½ for all traditional IRA owners, including those who have SEP and SIMPLE IRAs set up through their employers - even if they are still working for those employers at the time.

I'm Still Working; What's My RMD?

I get this question frequently. Many of us are looking at working beyond the age of 70 ½. What required distributions (RMDs) do you have to take if you continue working?

Don't Recharacterize Too Soon

Some taxpayers who did Roth conversions earlier this year have seen their account values drop. As a result, they are considering doing a recharacterization of their Roth back to an IRA. But maybe they should wait a while. Why? Maybe, if they wait long enough, the Roth account will recover and not need to be recharacterized. The better answer, however, lies in the rules for reconverting assets once they have been recharacterized.

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