The Slott Report

Question: Dear Ed Slott team members, Would you please address the following scenario. You bought stock in an IRA for a $1000. Ten years later, it has appreciated to $10,000. If the stock was not in an IRA, you would owe capital gains tax on the gain of $9,000.

Assisting business owners with the establishment of a new 401K plan brings a multitude of questions. From plan design to investment options to employee education, everything is in play.

Good news for retirement savers! The IRA contribution limit, which was $5,500 for 2018, will rise to $6,000 for 2019. If you are over age 50 in 2019, you will be able to save even more. The limit for those who are age 50 or over in 2019 will be $7,000, up from $6,500 for 2018.

Question: Ed, I have converted a traditional IRA to a Roth this year, also have another Roth opened 10 years ago. Does IRS consider the converted Roth as being opened 10 years ago as far as earnings go? Can I combine the two accounts?

Most defined contribution company retirement plans are going to consist of at least two components: the contributions the employer makes to the plan and the deferrals from salary the employee makes into the plan.

Like other accounts, distributions from IRAs of basis comes out tax-free. In this setting, basis would include both nondeductible IRA contributions and after-tax funds rolled over from company plans.

After Hurricanes Harvey, Irma and Maria in 2017, Congress passed special legislation allowing expanded access to retirement plan funds for individuals affected by those storms.

SIMPLE IRAs are popular retirement vehicles for small businesses. They are relatively cheap to adopt and are easy to understand and administer. However, that doesn’t mean problems do not arise.

Hi Mr. Slott, I have been to several of your IRA continuing workshops over the years. Today I had someone in my office that stated they have not taken the rmd from an inherited IRA for 9 years. Whats your advice in this situation. Thank you for you help in this matter.

IRA owners can clearly combine the accounts they own and they can combine the required minimum distributions (RMDs) from multiple IRAs and take them from any one or combination of their IRAs. But what are the rules for inherited IRAs?