IRA ADVICE – ED SLOTT – Named “The Best Source for IRA Advice” by The Wall Street Journal, Ed is a nationally recognized IRA-distribution expert and the creator of several public television specials, including Ed Slott’s Retirement Rescue!, viewed by millions of Americans. Ed established the IRA Leadership Program SM and Ed Slott’s Elite IRA Advisor Group SM, which were developed to help financial institutions and advisors become IRA leaders. He hosts the popular websites, http://www.irahelp.com and http://www.theslottreport.com , and is author of the best-selling books, The Retirement Savings Time Bomb and How to Defuse It (Penguin, 2012), Ed Slott’s Retirement Decisions Guide: 2012 Edition, Stay Rich for Life! (Ballantine Books, 2009), Parlay Your IRA into a Family Fortune (Penguin, 2008) and Your Complete Retirement Planning Road Map (Ballantine Books, 2007). He is often quoted in national publications and has appeared on NBC, ABC, CBS, CNBC, CNN, FOX, Public Television, NPR and Bloomberg TV and radio.
- PENDING RETIREMENT ACCOUNT CHANGES IRA ADVICE – ED SLOTT – Recently President Obama released his Fiscal Year 2017 Budget – his final budget proposal as President of the United States. Having seen none of his 14 retirement account-related proposals from last year’s budget enacted, the President has included them all again in this year’s budget. In addition, this year’s ... more
- ONE LAST WORD ON 2015 TAXES IRA ADVICE – ED SLOTT – It’s taken almost a full year – literally – but Congress has passed (and the President has signed) the PATH Act, which will include the much anticipated extenders bill. However, this isn’t your run-of-the-mill extenders bill. This year’s version of the extenders bill – something of a holiday tradition ... more
- IMPACT OF NEW SOCIAL SECURITY RULES ON YOU IRA ADVICE – ED SLOTT – Retirement planning for millions of Americans has changed dramatically. On November 2, President Obama signed into law the Bipartisan Budget Act of 2015, which had a significant impact on both Medicare Part B participants and those trying to employ savvy planning tactics to get the most of their Social Security ... more
- WHAT YOU NEED TO KNOW ABOUT RECHARACTERIZATION IRA ADVICE – ED SLOTT – October will be here before you know it. I know this because I have already seen Halloween candy in the grocery store and Sarah’s blog on the recharacterization’s value reminded me. October 15 is the deadline for doing a Roth recharacterization. Here are ten things you need to know.
A recharacterization ... more
- THE DEFINITIVE GUIDE TO THE “BACK-DOOR ROTH” IRA ADVICE – ED SLOTT – Chances are that, by now, you’ve heard of a retirement planning strategy known to many as the “Back-Door Roth.” But what is it? Why is it important? What are the potential traps and how can it benefit clients? Our IRA Expert Ed Slott and his talented team have created ... more
- RETIREMENT PLANNING FOR SMALL BUSINESS OWNERS IRA ADVICE – ED SLOTT – If you are a baby boomer that runs a small business, you have probably looked at one of the most popular small business retirement plans, the SEP IRA.
In contrast to other potential options for small businesses, such as a 401(k), the SEP IRA is often favorable. They are generally ... more
- A ROOKIE IRA CONTRIBUTION MISTAKE IRA ADVICE – ED SLOTT – In a just released private letter ruling (PLR), a taxpayer was given an extension of time to complete a rollover of funds to his IRA. He was given bad advice by his CPA.
“Tom” transferred some funds from an existing IRA to a brand new IRA. At tax time, his ... more
- 10 WAYS YOU MIGHT PAY MORE TAX IN 2013 IRA ADVICE – ED SLOTT-For some time now, we’ve had it pretty good, at least from a tax perspective. That’s all about to change though. There are an abundance of changes to the tax law scheduled to take effect in 2013 and they are almost universally going to take a bigger chunk of your money ... more
- WHAT DOES IRA STAND FOR? IRA ADVICE – ED SLOTT– If you’re like the majority of people – including financial advisors and accountants – here’s something probably don’t know. IRA does NOT technically stand for individual retirement account. Instead, the IRA stands for Individual Retirement Arrangement. If you don’t believe me, just check out Publication 590. It’s right there on ... more
- INHERITED IRA’S ARE NOT TAX-FREE INHERITANCES IRA ADVICE – ED SLOTT– In a recent case, a non-spouse beneficiary learned that an inherited IRA is taxable and is not treated as a tax-free “inheritance.” He received a total distribution from his deceased Mom’s IRA and thought that the IRA was an inheritance and not taxable. Accordingly, he never even filed a tax ... more