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The Slott Report

Department of Labor Clears Way for State-Run IRAs

Your state may soon be getting into the IRA business. The Department of Labor (DOL) removed a major hurdle recently, when it issued final rules for state-run IRA programs. The final rules give states a safe harbor from Employee Retirement Income Security Act (ERISA) for state-run IRAs if certain conditions are met.

Is My Company Stock Appreciated? I Want to Utilize NUA

This week's Slott Report Mailbag follows up on Jeffrey Levine's capital gains tax strategy using a free step-up in basis and answers a question on net unrealized appreciation (NUA) benefits.

What TransAmerica Retirement Survey Says About Retirement Outlook

Last month TransAmerica released its 17th annual Retirement Survey of Workers. This year’s study, entitled Prospectives on Retirement: Baby Boomers, Generation X, Millennials, yielded some incredible information. Here are some of the most fascinating takeaways I found as I read through the study.

Planning With a Special Needs Child Must Span Two Generations

Even though it was 25 years ago, it seems like yesterday that my wife and I had our son evaluated by a pediatric specialist who told us our son would never live independently. When our child was diagnosed with a special need, our initial focus was on learning about the disability (autism), finding therapists and researching educational rights. Preparing for our child’s financial future (and even your own) was not an initial priority. The reality is that when there is a disabled child, the family financial plan has to span two generations rather than one. The following plan needs to take into account the potential for government benefits and, with any comprehensive plan, has to address how to minimize taxes.

Can I "Superfund" a 529 College Plan For My Grandchild?

This week's Slott Report Mailbag looks "superfunding" a 529 college plan and goes a step further on a question answered in last week's mailbag on IRA annuities.

Relief for Victims of the Louisiana Floods: An Easing of Rules for Hardship Distributions and Loans from Employer Plans

On August 30, 2016 IRS released Announcement 2016-30 that allows for streamlining employer plan loan procedures and liberalizing hardship distribution rules for most employer plans. The following procedures are in effect until January 17, 2017 for victims of the storms and flooding in Louisiana that began on August 11, 2016.

10 Things You Should Know about the New Fix for Late IRA Rollovers

There is good news for everyone with a retirement account. The IRS recently released Revenue Procedure 2016-47, which provides a new and easier way for you to complete a late 60-day rollover of retirement funds using a self-certification procedure. Here are 10 things you should know about this new procedure that just might save your retirement savings.

Can I Convert an Annuity to a Roth IRA?

A holiday weekend version of The Slott Report Mailbag features questions concerning a 1099-R filing error, the possibility of converting an annuity to a Roth IRA and the viability of the often discussed (at least in this space) back-door Roth IRA.

Fix Your 60-Day Rollover Mistake! IRS Releases New Guidance

In one fell swoop, the IRS has just saved thousands of IRAs from the harsh bite of needless and accelerated taxation. On Wednesday August 24, 2016, the IRS released Revenue Procedure 2016-47, which allows you to complete a late 60-day rollover of retirement funds using a self-certification. Here's what this means for retirement account owners.

Can I Still Receive SEP Contributions If I Have to Take RMDs From It?

In this week's Slott Report Mailbag, we examine SEP IRAs (just like we did yesterday when outlining a major mistake to avoid), their yearly contribution deadlines and how they interact with required minimum distributions (RMDs).

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