The Slott Report | Ed Slott and Company, LLC

The Slott Report

5 Questions with George Nichols of The American College

Monday, April 05, 2021
George Nichols III is the 10th President and Chief Executive Officer in The American College of Financial Services’ storied history. He continues to take motivation from founder Solomon Huebner’s pioneering vision in 1927, while empowering The College to usher in the next century of educational excellence. Before joining The College, Nichols served as Executive Vice President, Governmental Affairs for New York Life Insurance Company. The College and Ed Slott and Company recently came together to develop Ed Slott and Company’s IRA Success program – which is now enrolling students! You can read more of Nichols’ perspectives and announcements of College initiatives at www.theamericancollege.edu/president.
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Using Qualified Charitable Distributions to Offset Required Minimum Distributions and Distributions of Roth Conversions: Today’s Slott Report Mailbag

Thursday, April 01, 2021
Question: Hi, Ed, I am hoping I get to attend one or more of your events IN PERSON this year! If you have time for a refresher . . . . Jon’s 2021 RMD is $200k. He takes $100k as a distribution to himself in February and later, he decides to satisfy the remaining $100k as a QCD in November. Does this work as far as the timing of the QCD?
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Falling Within the Phaseout, Part 2 - Determining Your Reduced IRA Deduction for 2020

Wednesday, March 31, 2021
In my blog entry from March 22, I discussed the formula for calculating the amount of a direct Roth IRA contribution when your income falls within the Roth phaseout limits. Another common phaseout covers how much of a Traditional IRA contribution can be deducted. As with the Roth contribution phaseout, this income level cutoff is not a “cliff,” meaning if you go one dollar over the level, you do not immediately become ineligible to deduct your Traditional IRA contribution. There is a phaseout range which gradually decreases the amount of the allowed deduction.
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2020 IRA Contribution Deadline Extended to May 17

Monday, March 29, 2021
Good news for retirement savers! There is more time to make your 2020 IRA contribution. On March 17, 2020, the IRS extended the 2020 federal income tax-filing deadline to May 17, 2021. The extension also extends the deadline until May 17 to make a 2020 prior year contribution to a traditional or Roth IRA. If you have an extension to file your taxes beyond May 17, your IRA contribution deadline is not extended. You must make your IRA contribution by May 17. If you live in Oklahoma, Louisiana, or Texas, the federal tax filing deadline had already been extended to June 15. As such, the IRA contribution deadline in those states is also June 15.
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The IRA Contribution Deadline and Inherited IRAs: Today's Slott Report Mailbag

Thursday, March 25, 2021
Question: Has the deadline to make an IRA contribution for 2020 been extended since the 2020 tax filing date has been extended to May 17, 2021? Robert Answer: Hi Robert, Yes. The 2020 IRA contribution deadline is also extended to May 17, 2021.
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EIGHT DIFFERENCES BETWEEN DC AND DB PLANS

Wednesday, March 24, 2021
Fewer and fewer workers are participating in defined benefit pension (DB) plans these days. The high cost of maintaining those plans has led many employers to terminate existing plans and dissuaded many others from setting up new plans in the first place. But there are still many DB plans out there, and it’s important to know that they operate very differently from defined contribution (DC) plans, like 401(k), 403(b) and 457(b) plans. Here are eight important differences:
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Falling Within the Phaseout, Part 1 - Determining Your Reduced Roth IRA Contribution Limit

Monday, March 22, 2021
When it comes to contributing directly to a Roth IRA, an individual must have modified adjusted gross income below a certain level. This income level cutoff is not a “cliff,” meaning if you go one dollar over the level, you do not immediately become ineligible for a Roth IRA. There is a phaseout range where the amount of the direct Roth IRA contribution is gradually decreased. For 2021, the Roth phaseout limits for contributions are $198,000 - $208,000 for those married/filing joint, and $125,000 - $140,000 for single filers.
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SIMPLE IRAs and IRA Contributions: Today's Slott Report Mailbag

Thursday, March 18, 2021
Question: Hi, I found you by searching to find out if we can offer two SIMPLE IRA options for our employees. I don't know if that is something permitted. The idea is to have a cryptocurrency option set up as a SIMPLE in addition to the SIMPLE we already have in place. I'm reaching out in the hopes someone can help me with a definitive answer. I have spoken with our CPA, however, he was not sure. Thank you for any help you can provide.
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How to Calculate Your 2021 RMD

Wednesday, March 17, 2021
The CARES Act waived required minimum distributions (RMDs) for 2020, but they are back for 2021. The return of RMDs for this year has raised questions about how these distributions should be calculated. Here is what you need to know if you must take a 2021 RMD.
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Can I Still Open Up A New Solo 401(k) for 2020?

Monday, March 15, 2021
We’ve been getting a number of questions lately about whether it’s too late to set up a new solo 401(k) plan for 2020. The answer is “sort of.” Business owners with no employees (other than a spouse) can contribute to a solo 401(k) plan. Solo plans are typically used by sole proprietors but are also available if your business is incorporated or structured as a partnership or LLC.
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