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The Slott Report

Converting After-Tax Contributions and Aggregating RMDs: Today’s Q&A Mailbag

This week's Slott Report Mailbag answers readers' questions about avoiding converting after-tax contributions to a Roth IRA and aggregating RMDs.

Fix Beneficiary Forms to Get the Most Financial Payoff for the Least Planning Effort

What is the simplest mistake you can make to cause major harm to your intended estate plan - and to the people you wish to provide for through that plan? It is having outdated (or missing entirely) beneficiary designation forms for your IRAs, employer-provided retirement savings plans, life insurance policies and other valuable financial accounts.

Retirement-related Provisions in the Bipartisan Budget Act of 2018

On Friday February 9, 2018, President Trump signed into law the Bipartisan Budget Act of 2018 (the “Act”). While the Act is best known for ending the nine-hour government shut down that took place on February 9, 2018, it also contained some tax-related provisions.

401(k) Hardship Distributions for Casualty Losses: Another Unintended "Victim" of Tax Reform?

A few weeks ago, I discussed the seemingly unintended impact the Tax Cut and Jobs Act (TCJA) had on the repayment of overpayments from employer plans. In essence, by eliminating the deduction of itemized miscellaneous expenses subject to 2% of adjusted gross income, the new law negatively impacted some repayments to employer plans - namely, repayments that are $3,000 or less. Similarly, by amending the tax code section on casualty losses, Congress has limited the ability of some plan participants to qualify for a casualty loss hardship distribution.

This Week's Q&A Mailbag: Two RMD Questions

This week's Q&A mailbag answers two reader questions about RMDs.

What Tax Reforms Means for Your "Back-Door" Roth IRA Conversion

You may be interested in contributing to a Roth IRA but think your income is too high. You are probably aware that there are income limits that apply to Roth IRA contributions. For 2018, if you are married, your ability to make Roth IRA contributions phases out when your Modified Adjusted Gross Income (MAGI) is between $189,000 - $199,000 and between $120,000 - $ 135,000 if you are single. Are you out of luck if you are a high earner? The answer is "no" and tax reform makes this clearer than ever.

Avoiding the 10% Penalty and Deferring RMDs for a 401(a): Today’s Q&A Mailbag

This week's Slott Report Mailbag answers readers' questions about avoiding the 10% penalty for cashing in an IRA to pay medical bills and deferring RMDs for a 401(a).

Employer Plan Overpayments: Collateral Damage from the Tax Cuts and Jobs Act

The U.S. Tax Code is a 74,000-page document with interrelating laws and regulations. Therefore, any time Congress enacts a piece of legislation as massive as the Tax Cuts and Jobs Act (TCJA), there are going to be unintended consequences, or as I like to call it, collateral damage. After passage, it's up to the IRS to sift through the damage and clarify any unresolved issues.

6 IRA Actions in 2018 Guided by Your 2017 Tax Return

As you prepare your 2017 tax return, use the information you collect both to make the best IRA contribution choices for 2017, and to plan IRA strategies for 2018. Here are six ways to consider:

Keeping it SIMPLE and RMDs: Today’s Q&A Mailbag

This week's Slott Report Mailbag answers readers' questions about profit sharing plans and RMDS and SIMPLE IRAs.

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