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The Slott Report

IRS Official Says Back-Door Roth Transactions are OK

For years there has been concern by some planners that a back-door Roth conversion might be considered a step transaction by IRS. Most planners, however, did not feel that a back-door Roth fit all the criteria of a step-transaction.

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Late 401(k) Deposits

Every retirement plan custodian has an interactive website that participants can visit, if their employer offers that feature. While all are a little different, the websites all contain access to vital information about your account under the plan.

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10 Things Everyone Should Know Before They Move Their IRA

Change can be good. Is your IRA ready for a change? Maybe you are looking for a new type of investment or maybe a new IRA custodian. To change it up with your IRA, you may need to move your IRA funds.

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Rolling Over IRAs & Excess Contributions: Today's Q&A Mailbag

Question: My husband passed away this April at 83. I’m 68 and sole beneficiary of his traditional IRA. I was advised that it didn’t matter if I rolled his IRA into mine and then took his RMD for the year as long as I do so by 12/31/2018. I rolled his IRA into mine early May.

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Congress Says NO Rothification … for now

By Ed Slott, CPA
Follow Us on Twitter: @theslottreport

When someone keeps telling you not to worry about them doing a certain thing, you know they are thinking about doing that very thing.

That’s what Congress is doing with so called “Rothification.”

As a review, “Rothification” – as it has become known –  is a way to raise revenue for the government by, in effect, taxing 401(k) contributions. Rothification would eliminate the tax deductions for 401(k) and other plan contributions and replace them with Roth 401(k)-type plans where there is no deduction, but the earnings will grow tax-free forever.

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How to Use Income Tax Withholding on IRA Distributions, and When Not To

After retiring, your taxable income may consist entirely of IRA distributions and investment returns. You'll have two ways to remit the tax owed on this income to the IRS: (1) make quarterly estimated tax payments, (2) have tax withheld from the distributions.

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RMDs as a beneficiary & Direct Rollovers: Today's Q&A Mailbag

Client is over 70 1/2 and passed away in 2018 and did not take their 2018 RMD yet. There are 4 non-spouse beneficiaries who are opening new inherited IRA accounts for their share.

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7 Mistakes to Avoid with Inherited IRAs – Things You did not Learn in School

An inherited IRA can be a great thing for the beneficiaries. It is almost like winning the lottery or the Reader’s Digest sweepstakes. You get income for life, or do you? It is all too easy to miss out on this opportunity.

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The Supreme Court Has an IRA Reminder for You

In the recent case of Sveen v. Melin, the Supreme Court ruled that life insurance proceeds would not go to an ex-spouse, even though her name remained on the beneficiary form after the divorce. Instead, the Court said the Minnesota state statute removing an ex-spouse as a beneficiary upon divorce is constitutional and awarded the life insurance proceeds to the contingent beneficiaries; children from a prior marriage.

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Rollovers & Naming a Trust as a Beneficiary: Today's Q&A Mailbag

Roll over all but $4000 of nondeductible IRA in my Traditional IRA into my SEP IRA, then rollover the $4K basis into my Roth IRA? Can I do that? Can I do both rollovers in quick succession in the same day so that the Traditional left with the $4K does not accrue the daily interest?

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