The Slott Report | Ed Slott and Company, LLC

The Slott Report

IRS Releases Tax Scams for 2012

IRS released its "Dirty Dozen Tax Scams for 2012" on February 16, 2012. Number one on the list this year - Identity Theft. We detail this problem and how you can protect yourself below.

MarketWatch Video: IRAs and Taxes...Time for a Roth?

In another installment of MarketWatch's video series, Andrea Coombes interviews Ed Slott and Jack Nuckolls about the complexities of IRAs and taxes, while asking a question many consumers are asking their financial advisor at this very minute: Is it time for a Roth IRA? This video walks you through the process along with the Roth conversion conversation every consumer should have with their financial advisor. This video is part of a three-video series.

MarketWatch Video: Ed Slott on Reducing Your Tax Hit

In an interview with MarketWatch's Andrea Coombes, Ed Slott and Jack Nuckolls discuss strategies to reduce your tax bill before 2013. Taxes are going up (tax on investment income, 3.8% healthcare surtax, income tax rates for the highest earners are heading to 39.6%), and Ed provides several strategies you can use to avoid the uncertainty of future tax rates.

MarketWatch Video: Ed Slott on Avoiding IRA Mistakes

Ed Slott was interviewed by MarketWatch's Andrea Coombes in a multi-video discussion on IRAs, how to avoid a big tax hit and how to avoid the penalty-induced mistakes many individuals make. This first video features Ed and Jack Nuckolls in a discussion about IRA mistakes you don't want to make...unless you want to see penalties and plenty of taxes in your future.

Increased Long-Term Care Insurance Tax Deduction

Phase-outs apply to many items on your income tax return. This means that if your adjusted gross income (AGI) exceeds specified limits, your eligibility to deduct certain items will be cut back or curtailed altogether, including deductions for contributions you make to traditional IRAs. When your income increases, you could lose lots of otherwise allowable itemized deductions as well as personal exemptions.

Inherited IRAs and Bankruptcy

The area of creditor protection and inherited IRAs has been a murky one. On one hand, IRAs are intended to provide for the account owner in his or her retirement not for the retirement of their children. On the other hand, the Tax Code allows inherited IRAs to remain tax deferred (when certain conditions are met) until distributions are taken from the account.

IRS Proposes Regulations for Qualified Longevity Annuity Contracts

IRS released proposed regulations regarding the establishment of "qualified longevity annuity contracts" (QLACs) on Friday February 3, 2012. The new QLAC rules will allow you to purchase certain annuity contracts with a portion of your retirement assets that you will be able to exclude from your required minimum distribution (RMD) calculations.

Ed Slott Video: Stretch IRA Elimination Proposal

Ed Slott, America's IRA Expert, talks about a once-proposed (and recently dropped) provision in the Highway Investment Job Creation and Economic Growth Act of 2012 that would have destroyed the Stretch (inherited) IRA. This provision would have killed a financial legacy for beneficiaries. Ed Slott discusses the provision and how it indicates Congress' line of thinking with IRAs, and more specifically, Stretch IRAs. He also mentions proactive planning strategies to simulate the benefits of a Stretch IRA.

Ed Slott Video: President Obama's Budget Proposal to Eliminate RMDs for Certain Seniors

Ed Slott discusses a provision in President Barack Obama's budget proposal that would eliminate required minimum distributions (RMDs) for certain seniors. Ed discusses the makeup of this provision, who it would benefit and how it would be enforced in this video

Ed Slott Video: Naming a Trust as an IRA Beneficiary

Sometimes, you want to leave your IRA to a minor beneficiary but don't trust him or her to leave the inheritance alone once they turn legal age. One way around this is to use a trust. Ed Slott, America's IRA Expert, answers a listener's question about this very topic and provides some information on how to go through the process properly as well as the pros and cons.

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