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Thursday, April 18, 2024

With inflation slowly (very slowly) ticking towards the Feds 2% target and the market hitting all time highs this year, many people are wondering, in anticipation and mild amazement, when the recession is due to hit. We seem to be...

Friday, April 12, 2024

Think of a farmer harvesting their crop after a full season’s grow. The crop isn’t consumed immediately after the harvest. Some of it may be consumed, however, most of it is stored and used in the future. The idea is similar with tax...

Thursday, February 22, 2024

A common question I have from clients is, “How should I put money into my 401(k)/403(b)/TSP? Pre-tax or Roth” This is an important question that will impact your tax bill today and, in the future, depending on how you...

Thursday, February 8, 2024

What are Restricted Stock Units and how do they work? Restricted Stock Units are shares of a company that are awarded to employees for various reasons such as a signing bonus or performance award. They vest over a period of years which...

Friday, July 28, 2023

Some of you are aware that there are two types of section 457(b) retirement plans – governmental plans for state and local municipal workers, and “top hat” plans for highly-paid and managerial employees of tax-exempt...

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Friday, July 21, 2023

When an IRA owner dies, we look to the beneficiary form to determine who should receive the IRA funds. After death, there is a transition process as assets are moved into an inherited IRA for the beneficiary. What if the beneficiary dies

Friday, July 14, 2023

You can have too much of a good thing. While it is a good strategy to contribute to an IRA, some contributions are not allowed. When a contribution is not permitted in an IRA, it is an excess contribution and needs to be fixed.

Friday, April 21, 2023

Higher education expenses can be steep. Fortunately for those under the age of 59 ½ who need to dip into retirement savings to cover these costs, there is an exception to the 10% early withdrawal penalty. Before tapping your IRA,...

Friday, April 14, 2023

When you leave your job and aren’t fully vested in your company plan account, the plan will forfeit your unvested portion. Recently, the IRS issued new guidance clarifying the forfeiture rules.“Vesting” refers to the...

Friday, April 7, 2023

The new SECURE 2.0 law fixes a glitch that has made it difficult for new solo 401(k) plans to be opened up retroactively for a prior year. A solo 401(k) plan is a great retirement savings vehicle for self-employed business owners with...

Friday, March 17, 2023

How much can you contribute when you’re in two different retirement plans at the same time or at different times in the same year (e.g., after changing jobs)? The answer is complicated because there’re actually two...

Friday, March 10, 2023

If you want to leave your IRA to an adult, you simply name that person on the IRA beneficiary form. Unfortunately, when it comes to minors, it is not that easy. When a minor inherits retirement dollars, the child is not legally able to...

Thursday, March 2, 2023

Tax season is upon us. This is the time when you might be thinking about contributing to a retirement account. You may be interested in the Roth IRA, which offers the promise of tax-free withdrawals in retirement if you follow the...

Tuesday, November 29, 2022

Qualified Charitable Distributions are great options for making charitable gifts, if you are over age 70 1/2 when donating, complete the transaction as a direct transfer from an IRA, report the amount correctly on your tax return and...

Wednesday, November 23, 2022

Not every IRA transaction is easily identifiable. Some require a little legwork to reveal or report what occurred. Some transactions are not even labeled on official IRS tax forms and can go undetected. Here are three items that...

Thursday, November 17, 2022

Ever wonder how your Financial Planner keeps up with the latest retirement account planning strategies, estate planning techniques and tax law? I wonder about that too. As a member Members of Ed Slott’s Elite IRA Advisor...

Thursday, November 10, 2022

SECURE Act regulations shoved the required beginning date (RBD) to the front of the stage. No longer can the RBD hide from the bright lights. What was once somewhat of a minor date in people’s lives has blossomed into an...

Thursday, November 3, 2022

Fall is in full swing now with football, foliage, and pumpkin spice everything. The holiday season is just around the corner. Before we know it, the year 2022 will come to an end. If you are considering converting an IRA to a Roth IRA...

Thursday, October 27, 2022

According to many recent surveys, the fall months of September and October are overtaking June as the most popular time of year to tie the knot. If your wedding is approaching in the next few months, the last thing you may be thinking...

Tuesday, October 25, 2022

If you are a victim of Hurricane Ian, you may be eligible for some relief when it comes to your retirement accounts. The IRS has postponed certain tax deadlines for individuals affected by Hurricane Ian until February 15, 2023. Some of...

Thursday, October 13, 2022

Qualified Charitable Distributions (QCDs) are a common transaction these days, but all guidelines must be followed to ensure the QCD is valid. Recent court cases have exposed the absolute necessity to adhere to the rules…or the...

Thursday, October 6, 2022

More and more 401(k) plans now offer Roth contributions. At the same time, Americans are changing jobs and receiving 401(k) distributions in record numbers. So, it’s a good time to review the tax rules that apply to Roth 401(k)...

Thursday, September 29, 2022

Maybe you made a Roth IRA contribution for 2021, but your income was too high. Maybe you made a traditional IRA contribution without having any earned income. These are both examples of excess IRA contributions. The bad news is that...

Thursday, September 22, 2022

A recent federal court case from West Virginia illustrates that the spouse of a 401(k) participant usually has no right to prevent the plan from paying the participant a lump sum distribution.In Gifford v. Burton, a Mr. Gifford...

Thursday, September 15, 2022

Questions on how age affects the decision to convert to a Roth IRA are common. What age is too old to convert? There is no easy answer to this question because there is no magic age when conversion makes the most sense or no longer...

Thursday, August 25, 2022

Conduit IRAs, sometimes called “rollover IRAs,” typically contained only money rolled over from a company plan - and subsequent earnings on those dollars. But a 2001 tax law (Economic Growth and Tax Relief Reconciliation...

Thursday, August 18, 2022

A qualified charitable distribution (QCD) is a way for you to move funds out of your IRA to a qualifying charity income-tax free. If you are thinking this might be a good strategy for you, here are 4 QCD rules that may surprise you.1...

Thursday, August 11, 2022

Back in 2020 when COVID first became our new reality, Congress enacted the CARES Act. The CARES Act allowed qualified individuals who were affected by COVID to take penalty-free distributions from their retirement accounts of up to...

Thursday, August 4, 2022

Like most everything else these days, the price for receiving an IRS private letter ruling (PLR) has recently gone up.A person will request a PLR to receive the IRS’s blessing that a specific tax transaction won’t violate...

Friday, July 29, 2022

When moving retirement money from IRA to IRA, or from a workplace retirement plan like a 401(k) to an IRA, there are essentially three methods to relocate those dollars. Two of them are similar, and the third opens all kinds of...

Thursday, July 7, 2022

Usually, rollovers involving 401(k) accounts and IRAs involve moving dollars from a plan to an IRA. But sometimes it makes sense to instead do a “reverse rollover” – from an IRA to a 401(k).

Tuesday, June 28, 2022

TOO OLD TO CONVERT? THINK AGAINYou may have heard how converting to a Roth IRA is a great move for younger people. This is no surprise. A younger person who converts has two big factors working in her favor. She may pay taxes on a...

Friday, June 24, 2022

Proposals to boost IRA and workplace plan savings are advancing, but they are not law yet. Several actions must occur before the proposals become law. On March 29, the House passed the “Securing a Strong Retirement Act of...

Thursday, April 21, 2022

The SECURE Act was signed into law in late December of 2019. This new law upended the rules for retirement accounts. On Feb 23, the IRS released new proposed regulations that incorporate all the changes brought about by the SECURE Act.

Thursday, April 14, 2022

The deadline for filing your 2021 tax return is this Monday, April 18. As we close in on the last few days to complete our returns, there is still sand in the hourglass to complete certain IRA transactions.

Thursday, March 24, 2022

NOW IS THE TIME TO MAKE YOUR 2021 IRA CONTRIBUTION Thursday, March 24th 2022 By Sarah Brenner, JD Director of Retirement Education Follow Us on Twitter: @theslottreport It may be hard to believe it but the countdown to the 2021...

Wednesday, March 16, 2022

An inherited Roth IRA offers complete flexibility within the 10-year period and completely avoids the complicated RMD rules. And, best of all, the Roth IRA can grow tax-free for ten years before any distributions are required.

Friday, March 11, 2022

The latest Consumer Price Index (CPI) report was recently released and confirmed what economists anticipated: consumer inflation has risen 7.9% over the past year, the largest spike since 1982— none of which is a surprise for...