Oct 1, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst Generally, taking distributions from an IRA or qualified plan before retirement age should be a last resort. Of course, life has its unexpected pitfalls and at times, earlier access to these funds is necessary. One of the ways...
Sep 27, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst Question: Hi Ed: I have been reading you for more than 20 years – thank you for all your contributions to our industry. I have a client (about to be over 70 ½) whose new employer told him that he should roll all of his old employer...
Sep 26, 2018 | Blog, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Once you turn 65 you are eligible to enroll in the Medicare health insurance system. It is fantastic program that charges a relatively small premium for broad services. But it is a serious mistake to think that all you need to do is make it to 65 and you’re set. No....
Sep 24, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst The news has been filled with reports of the flooding and damage in North Carolina in the wake of Hurricane Florence. As the cleanup continues, the IRS has announced tax relief for the storm’s victims. On September 15, the IRS...
Sep 21, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
By Walter Updegrave People crave guaranteed income in retirement, but they cringe at the mention of the word “annuity.” That disconnect can make it tough to ensure a steady flow of dollars in later life. One answer: Go with an annuity, but keep it simple. The appeal...
Sep 20, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst Qualified plans are required to provide participants with a number of notices and information. There’s the Summary Plan Description, the Summary Annual Report, annual safe harbor notices (if applicable), plan account statements...
Sep 17, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst After last year’s passage of the Tax Cuts and Jobs Act, which overhauled the tax code, you might think Congress would be done with tax legislation for a while. That is not the case. While Republican efforts to unleash as second round...
Sep 13, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst Question: Good Morning, I have a question in regards to Roth 401k vs Roth IRA. Can you roll over your Roth 401k to a Roth IRA to avoid the RMD that must be taken when the individual reaches 70 1/2 with a Roth 401k? Thank you. Carol...
Sep 12, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst We constantly see questions regarding the distribution rules for Roth IRAs. Personally, I’ve always thought that the failure to understand these rules prevents many from truly appreciating the benefits of these accounts....
Sep 12, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
This week was a full celebration of America’s workforce! Labor Day kicked off the festivities on Monday, September 3, recognizing the social and economic accomplishments of American workers. At the same time, National Payroll Week(NPW), September 3 – 7, celebrated...
Sep 11, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst A recharacterization is a tax-free transfer of funds from one kind of IRA to another. If you converted a traditional IRA to a Roth IRA and now are reconsidering, recharacterization allows you to undo the transaction and move the funds...
Sep 6, 2018 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Summer is here, and the future is brighter than ever. If you are busy planning, saving and budgeting for a summer vacation, use these tips to make the most out of your summer and get your retirement savings on track. 1. Spend less and save more. With this warmer...
Sep 6, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst Question: Hi Read your column in the Chicago Tribune and have learned a lot. I have a question I don’t think you have addressed. I have multiple Roth IRA’s that I converted years ago, paid the taxes and they are...
Sep 5, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst Every so often, the IRS or the courts remind us that the exceptions to the 10% early distribution penalty are narrowly interpreted. That means if your situation doesn’t fit the letter of the law to a “t,” then the exception will...
Sep 4, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst You may understand the basics of how an HSA works. The fundamental premise is not so complicated. If you have a qualifying high deductible health plan you may contribute to an HSA. Then, you can take tax-free distributions to pay for...
Sep 1, 2018 | Market Review and Outlook
The US equity markets closed the month of August with gains despite apprehension concerning trade policy. The S&P 500, NASDAQ, and Russell 2000 all reached new highs during the month. The S&P 500 had its best August performance since 2014, while the NASDAQ...
Aug 30, 2018 | IRA Blog
By Beverly DeVeny IRA Analyst Question: Hello, I met Ed Slott at an FPA function where he spoke in Independence Ohio, several years ago. I have purchased books written by him, however I am not presently a subscriber to your service. I would appreciate your response to...
Aug 30, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
As a retirement saver, we know the tax reform debate of 2017 reawakened the need for you to examine and evaluate your retirement savings plans and educate yourself on all available options for planning. Our educational videos on retirement planning and fixed indexed...
Aug 29, 2018 | IRA Blog
By Jim Glass, JD IRA Analyst As summer ends and fall approaches, so does the season for taking required minimum distributions (RMDs). There is a 50% penalty for failing to take an RMD, so don’t miss one. But don’t just take an RMD, plan ahead now to make...
Aug 27, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst You may ask if you should leave your IRA to a trust. This can be a complicated question. Trusts can be complex and retirement accounts are not like other assets. How a Trust Beneficiary Can Get the Stretch If you are thinking a trust...
Aug 24, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst Question: To whom it may concern, Quick question. Client’s daughter died at age 41. Client is age 71. Can she combo her daughter’s 401k into her current Traditional IRA since she has to take RMD’s on the traditional and a...
Aug 23, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Indexed Annuity Leadership Council Every August 21 we honor our seniors and recognize their achievements to society. This tradition began in 1988 when former President Ronald Reagan declared August 21 to be National Senior Citizens Day. Prior to this declaration, many...
Aug 22, 2018 | IRA Blog
By Beverly DeVeny IRA Analyst For years we saw and heard the commercials – rollover your 401(k) to an IRA. They suggested that this was the only option – and the best option – for you. But it was not the only option; and it might not be the best option for you. Here...
Aug 20, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst One of the most important things you learn in law school is how the law is structured. You are better able to analyze the rule (and predict outcomes) when you understand how it is was created and how is has been treated ever...
Aug 16, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
With pennies in your back pocket and dollars in the couch, money may seem like it’s virtually everywhere. But, do you know when this phenomenon first began? In 1786, 232 years ago today, Congress established the U.S. monetary system. However, the first U.S. dollar was...
Aug 16, 2018 | IRA Blog
By Jim Glass, JD IRA Analyst Question: Mr. Slott, My 45 year old daughter’s financial advisor has recommended for her NOT to put retirement contributions into a Roth IRA! His reason being that by paying taxes up front for a Roth, there is less money to grow! Also,...
Aug 15, 2018 | IRA Blog
By Jim Glass, JD IRA Analyst IRAs have beneficiaries and “designated beneficiaries,” and it is important to know the difference. If you wish your heirs to have the opportunity to take full advantage of “stretch” IRAs, and to avoid other...
Aug 13, 2018 | IRA Blog
By Sarah Brenner, JD IRA Analyst Follow Us on Twitter: @theslottreport Even rock stars get older. Although it may seem hard to believe, both Steven Tyler of Aerosmith fame and rock legend and reality tv star Ozzy Osborne celebrate their 70th birthdays in 2018. Steven...
Aug 8, 2018 | IRA Blog
By Beverly DeVeny IRA Analyst Follow Us on Twitter: @theslottreport Both my husband and I turn 70 this year but only one of us has a required minimum distribution (RMD) from our retirement accounts. Here is why. RMDs begin in the year you turn 70 ½, not 70. He turned...
Aug 8, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Ensure you have the financial security to be in control of your retirement. Before determining if an FIA is right for your portfolio, make sure you understand the specific product features and if the benefits ladder into your goals. If you… have a retirement plan in...
Aug 6, 2018 | IRA Blog
By Jeremy T. Rodriguez, JD IRA Analyst Follow Us on Twitter: @theslottreport As you accumulate money in an employer retirement plan, somewhere along the line you are going to be faced with one question: should I leave it in the plan or roll it out? For many, that...
Aug 2, 2018 | IRA Blog
There has been talk in Congress about indexing capital gains for inflation. This has largely been under the radar… until this week when the story hit the front page of the New York Times, where the story states that the White House might try to do this on its own...
Aug 2, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The Algarve region provides all that a continental lifestyle has to offer, from medieval towns and fishing villages to open-air markets and local wine. Retirees can choose to live or retire in any country in the world. A move to a new country can allow you to live...
Aug 1, 2018 | IRA Blog
IRA distributions and Roth IRA conversions can affect the size the Medicare premiums you pay. Here’s how, and what to do about it. Means Testing Medicare Medicare consists of four “parts.” Part A, which covers hospital costs, is paid for by the...
Jul 30, 2018 | IRA Blog
Do you have after-tax dollars in your IRA? This could be from making nondeductible contributions to your IRA or rolling over after-tax funds from your company plan to your IRA. If so, you will want to know about the pro-rata rule. The pro-rata rule is a rule that...
Jul 26, 2018 | IRA Blog
Not all contributions to IRAs belong there. When a contribution is not permitted in an IRA, it is an excess contribution and needs to be fixed. Some excess contributions are easy to understand. Others may be a bit trickier to grasp. Here are 7 ways an excess IRA...
Jul 24, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Retirement might not live up to your expectations. Most retirees are prepared for more free time and less stress, but some other aspects of retirement could be unexpected. Many retirees have significant financial worries and health concerns, and an excess of free time...
Jul 19, 2018 | IRA Blog
Question: Hi, I have a friend, 45 years old, who has both an individual Roth IRA and an individual rollover IRA. The Roth is over 5 years old. He would like to know if he can use either to pay off a debt he incurred several years ago. He is aware that a straight...
Jul 19, 2018 | Blog, Financial, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
The Fourth of July may be over, but your financial freedom never has to end, and with the right retirement vehicles in your financial portfolio, it doesn’t have to. In fact, there are many ways retirement can increase financial freedom and ensure security by providing...
Jul 18, 2018 | IRA Blog
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...
Jul 16, 2018 | IRA Blog
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. Medicaid...
Jul 12, 2018 | IRA Blog
Question: Can you do trustee-to-trustee transfer from an Annuity Trad IRA to Mutual Fund Trad IRA? Answer: Yes. If you own a traditional IRA that has invested in an annuity, you can make a transfer from it to another traditional IRA to be invested in mutual funds. And...
Jul 12, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Annuities can serve many useful purposes. If you are in a saving-money stage of life, a deferred annuity can… Help you meet your retirement income goals. Employer-sponsored plans such as a 401(k), 403(b) or Keogh are an important part of planning for retirement....
Jul 11, 2018 | IRA Blog
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. You can review your...
Jul 9, 2018 | IRA Blog
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. Here are 10 things everyone should know before they move their IRA....
Jul 5, 2018 | IRA Blog
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...
Jul 5, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
You’re unlikely to reach retirement age without somebody asking you about annuities. They want to know whether you considered buying one, and if they work for an insurance agency, they’re likely to try to sell you on the benefits of a lifetime income that annuities...
Jul 3, 2018 | IRA Blog
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...
Jul 2, 2018 | IRA Blog
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....
Jul 1, 2018 | Market Review and Outlook
The US stock markets gyrated between gains and losses during the month of June, as investors assessed the impact of proposed trade tariffs, political turmoil in the Eurozone, and signals of a slowing global economy. Most of the major US stock indices had positive...
Jun 28, 2018 | IRA Blog
Question: 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. Does the 2018 RMD for the deceased client need to be paid prior to the...
Jun 28, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
When you think about retirement, what are your goals? For most people, the answer is a nice balance between stability, favorite pastimes, and new adventures. Balance is also important in your financial life: between reward and risk, nest egg preservation, and growth....
Jun 27, 2018 | IRA Blog
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. The following apply to beneficiaries who are...
Jun 25, 2018 | IRA Blog
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...
Jun 21, 2018 | IRA Blog
Question: 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...
Jun 20, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Although most people know it’s never too early to start planning for retirement, many Americans aren’t truly prepared, and there are many supporting statistics from the Indexed Annuity Leadership Council’s (IALC) data: One in four baby boomers (think: your dad) have...
Jun 20, 2018 | IRA Blog
Many individuals who open IRAs choose to invest in traditional asset classes, such as stocks, bonds, or mutual funds. But for a growing number of people, these options are not enough. Instead, they look to invest in other non-traditional assets. The tax code actually...
Jun 18, 2018 | IRA Blog
When you own multiple IRAs and take an IRA distribution, the IRS treats all your non-Roth IRAs as one. This helps you when you reach age 70 ½ and must begin taking annual required minimum distributions (RMDs). Instead of taking a separate RMD from each IRA, you can...
Jun 8, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Here are four challenges to jump on right now to make sure your retirement is a happy one. I know you’re ready. You’re so close to retirement, you can taste the cool beverages on the beach and feel the sand between your toes. Unfortunately, at the rate you’re going,...
Jun 7, 2018 | IRA Blog
Question: Hello, I am retired and have done a Roth in plan rollover within my work 401K. Am I able to do a Roth rollover within a Fidelity IRA to a Fidelity Roth IRA? Is there a rule that limits the number of Roth IRA Rollovers you can do in a year or period of time?...
Jun 6, 2018 | IRA Blog
Most people know that, generally speaking, you cannot access traditional IRA money penalty-free until you reach age 59 ½. Early distributions are subject to a 10% early withdrawal penalty. Of course, like virtually every other retirement rule ever written, there are...
Jun 4, 2018 | IRA Blog
Suppose you unexpectedly incur a major liability, from a lawsuit or some other unforeseen cause. Will the funds in your IRA be protected from your creditors? Maybe … or maybe not. Here are the rules: Federal Law Protection If you own an IRA that you’ve...
Jun 1, 2018 | Market Review and Outlook
The US stock markets had a roller-coaster ride during the month of May, as the month began with a rally after strong first quarter earnings were reports, trade war concerns subsided, emerging markets calmed, and political instability in Europe was shrugged off. Trade...
May 31, 2018 | Blog, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Many seniors are stuck with lives of never-ending work—a fate that could befall millions in the coming decades. CORONA, Calif.—Roberta Gordon never thought she’d still be alive at age 76. She definitely didn’t think she’d still be working. But every Saturday, she goes...
May 31, 2018 | IRA Blog
Question: I wondered if it’s possible to convert my traditional IRA to a Roth for 2017 and prior years, and then file an amended return? At least I could offset the higher taxes paid going forward, knowing I will have a tax-free Roth? Thanks very much for your help...
May 30, 2018 | IRA Blog
There is a lot of paperwork involved when you open an IRA account. You have to prove to the bank who you are and that your funds are legitimate. There is an account opening form and a beneficiary form to be completed. After you do all of that, then you get a...
May 24, 2018 | IRA Blog
Question: Ed, great article on reasons for taking RMDs early in the year, but here’s the other side of the argument, at least for me (which is why I am responding via email rather than online). My wife and I are both retired. We have a pension, social security...
May 23, 2018 | IRA Blog
Using Deferred Income to Fund Your Startup Business Could ROB Your Future One of the most difficult aspects of starting a business is obtaining proper funding. While banks have begun lending again, loans for startup businesses are still difficult to obtain. They...
May 23, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
This May we are celebrating Older Americans Month and the 2018 theme of Engage at Every Age teaches us that age is not a factor when it comes to taking part in activities to enrich one’s emotional, mental, and physical well-being. One activity that is key for...
May 21, 2018 | IRA Blog
Having just one IRA instead of several may simplify paperwork and minimize fees. But when you begin to think about leaving IRA funds to heirs, consider using more than one IRA to do so. Here are reasons why: Preserve Funds for Bequests in a Roth IRA Statistics...
May 17, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
After one year of retirement, here’s what you need to do. Once you get through the first year of retirement, you probably think you can coast for the next 30 years. That’s not necessarily true. This is not the time to get comfortable. Things are never that...
May 10, 2018 | IRA Blog
Question: Dear Mr. Slott, In 2013, my husband was offered a buyout from his employer, Ford Motor Co. He had been retired since 1999 and so was already receiving a monthly pension check. (My husband had been diagnosed with Alzheimer’s Disease in 2011 and then...
May 10, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Recently, an esteemed group of experts in business and finance, economists and education, convened in Washington, D.C. along with our Executive Director Jim Poolman and editors from The Atlantic for a roundtable dinner to talk about the reality of retirement readiness...
May 9, 2018 | IRA Blog
It now appears that the new fiduciary rules proposed by the Department of Labor (DOL) back in June of 2016 are all but dead. Late last week, the Fifth Circuit Court of Appeals rejected a last-minute appeal of its March 15th decision to toss the DOL rules. The appeal...
May 8, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
This week the Indexed Annuity Leadership Council (IALC) released The State of America’s Workforce: The Reality of Retirement Readiness study and corresponding white paper, which found retirement readiness is influenced by two key factors: the industry you are in and...
May 7, 2018 | IRA Blog
Let’s say you wish to contribute to an IRA in 2018, but have too much income to make a either a deductible contribution to a traditional IRA or a contribution to a Roth IRA. You still have the option to make a nondeductible contribution to a traditional IRA....
May 3, 2018 | IRA Blog
Question: I want to leave my IRA accounts (money) to various charities. Should the beneficiary of these accounts be “my estate”? Jean Answer: Hi Jean, It is wonderful that you are charitably inclined. Instead of naming your estate as the beneficiary of your...
May 1, 2018 | Market Review and Outlook
All of the major US stock indices had positive returns for the month of April, as strong earnings reports allowed the markets to regain some of the earlier losses due to proposed tariffs and interest rate increase concerns. During the month, concerns about a hawkish...
Apr 30, 2018 | IRA Blog
If you have a Health Savings Account (HSA) with family coverage, determining your 2018 contribution limit has been an adventure. This in one of the many unintended consequences of the Tax Cuts and Jobs Act (TCJA). Many of the HSA limits are indexed annually for...
Apr 26, 2018 | IRA Blog
Question: Can you please advise regarding the following: I’m 63 years old and am required to take a yearly RMD [required minimum distribution] from my deceased Mom’s IRA (BDA). In order to save on taxes, am I allowed to have my financial institution send the RMD...
Apr 25, 2018 | IRA Blog
Beware of making these 3 mistakes with your IRA… 1. Late Investments If, like so many people, you made your IRA contribution for 2017 only recently in 2018, just before the 2017 tax return filing deadline, you missed earning up to 15 months of pre-tax...
Apr 25, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Heavy Reliance on Social Security for Income Stream, A Solution Provides Guaranteed Lifetime Income The story of saving for retirement today has two key factors: the industry you are in and your company size. Newly released retirement-readiness scores show workers in...
Apr 23, 2018 | IRA Blog
With the tax deadline having just passed, now is the perfect opportunity to start planning for next year. Last year’s return should be readily available, and you may even have many important items committed to memory. Additionally, four months into the year is the...
Apr 19, 2018 | IRA Blog
Question: I was curious if a Roth conversion of post-tax money from an IRA is subject to the pro rata rules if the IRA owner also owns a SIMPLE IRA? Is the SIMPLE excluded from the calculation? Thanks Joseph Answer: Joseph: The pro-rata rule looks at the balance...
Apr 19, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
April is National Financial Literacy Month and a perfect time to increase your financial literacy, while establishing and maintaining healthy money and finance habits. One way you can become financially savvy is by getting advice from financial professionals....
Apr 18, 2018 | IRA Blog
One of the greatest benefits of an IRA is its ability to provide tax-favored wealth for heirs. An IRA left to a beneficiary can be “stretched” to provide pre-tax compound investment returns for the rest of the beneficiary’s life — or even...
Apr 13, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Now that the Powerball winner has come forward to claim her prize of $758 million (before taxes), you can’t turn on the television or radio without hearing the word “annuity.” The winner of the lottery had a very important choice to make: to take an after-tax lump sum...
Apr 12, 2018 | IRA Blog
Question: Dear Mr. Slott, I am writing because I have what may be an unusual IRA reporting situation and would like advice, or if you will, a judgement as to how I may handle the reporting for 2017. This particular situation is one I have not heard of or seen...
Apr 11, 2018 | IRA Blog
One of the benefits of a Roth IRA is that contributions can always be distributed out of the Roth IRA with no tax, and no early distribution penalty for those that are under age 59½. But, you have to be able to prove to IRS that you are taking a distribution of...
Apr 9, 2018 | IRA Blog
With the 2017 tax filing date quickly approaching, many taxpayers are looking to take advantage of IRA contributions to lower taxable income prior to filing. However, before making that contribution, you want to be sure that you meet all the eligibility rules. The...
Apr 5, 2018 | IRA Blog
Question: Thank you for your very interesting monthly articles. I have the following Roth-related earned income question: Have any clever retirees and/or tax advisors figured out exactly how to justify claiming that either “conventional” pension payments or RMD...
Apr 4, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Discover our most frequently asked questions about fixed indexed annuities (FIAs). Get the answers you need to help calculate your path to retirement. What is an annuity? In the most basic sense, an annuity is a contract between you and an insurance company that says...
Apr 4, 2018 | IRA Blog
A QCD is a qualified charitable distribution. It is a way to transfer funds from your IRA to a qualifying charity as a non-taxable distribution. It can also satisfy your RMD (required minimum distribution) for the year. You must be at least age 70½ at the time of the...
Apr 2, 2018 | IRA Blog
For many Americans, their IRA is their largest asset. It is not surprising then that in times of financial trouble they may want to turn to their IRA as quick source of cash. If this is your situation and you are thinking about using your IRA for a short-term loan,...
Apr 1, 2018 | Market Review and Outlook
During the first quarter, investors wavered from euphoria to despair, as record market gains in January were followed by the first “corrections” (drops of 10% from record highs) in February in more than 2 years. The Dow and S&P 500 closed out the month of March...
Mar 29, 2018 | IRA Blog
Question: Dear Mr. Slott, I have been receiving your e-mails for a number of years and have read your comments in The Wall Street Journallong before that – and have always found them of value. I have two questions I am hoping you can help me with that I believe...
Mar 29, 2018 | Blog, Financial Services Newsletter, New Weekly Newsletter, Weekly Article, Weekly Newsletter
Last month, athletes from around the globe came together to compete in the PyeongChang 2018 Winter Olympics. While for some, these games were a debut, others retired from their sport following the competition. Each Olympian’s journey is unique from its infancy to its...
Mar 28, 2018 | IRA Blog
Tax return information is confidential. As the April 17th tax filing date approaches, pay attention to keeping your tax return information out of the hands of those who could cause you harm. Protecting Information on Your Tax Return Your tax return is full of private...
Mar 26, 2018 | IRA Blog
One of the many issues facing self-employed individuals is how to save for retirement. Of course, one option is to open a traditional or Roth IRA. However, the annual maximum contribution is low in terms of retirement planning. In 2018, it $5,500 if you are under age...
Mar 22, 2018 | IRA Blog
Question: Dear Sir, Greetings and wish you well. I heard about your helpfulness and appreciate if you can kindly advise me the following: We (mother and daughter) have an S corp and set up solo 401(k)s. I made an error in profit contribution. Unfortunately, I...
