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The Slott Report

Can You Contribute to a Roth IRA?

Wednesday, July 18, 2018
Contributing to a Roth IRA is generally considered to be a good idea. But not everyone is eligible to make an annual contribution. We have seen several cases recently of individuals who contributed for many years until they discovered they were not eligible to make any Roth contributions. Here is what you need to know.
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Can You Lose an IRA to Medicaid?

Monday, July 16, 2018
As Americans live longer, more are eventually coming to need long-term nursing home care. The cost of this can be devastating to a family. Nursing home care now costs an average of over $85,000 per year, and much more than that in some parts of the country.
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Trustee-to-Trustee transfers and RMDS: Today's Slott Report Mailbag

Thursday, July 12, 2018
Question: Can you do trustee-to-trustee transfer from an Annuity Trad IRA to Mutual Fund Trad IRA?
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IRS Official Says Back-Door Roth Transactions are OK

Thursday, July 12, 2018
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

Wednesday, July 11, 2018
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

Monday, July 09, 2018
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

Thursday, July 05, 2018
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

Tuesday, July 03, 2018

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

Monday, July 02, 2018
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

Thursday, June 28, 2018
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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