Ed Slott
Ed Slott, a certified public accountant, is a financial expert specializing in retirement planning, IRAs and tax issues. He created the IRA Leadership Program and Ed Slott's Elite IRA Advisor Group. Twitter: @theslottreport
Ed Slott, a certified public accountant, is a financial expert specializing in retirement planning, IRAs and tax issues. He created the IRA Leadership Program and Ed Slott's Elite IRA Advisor Group. Twitter: @theslottreport
Steer young investors away from these common moves that can have a significant negative impact in retirement.
Identify clients who had these types of retirement distributions and then check for these common errors.
These pointers can help advisers reduce confusion for new required minimum distribution clients.
A 2016 IRA contribution can also be recharacterized in 2017, meaning changed from a traditional IRA to a Roth IRA, or vice versa.
Advisers can avoid all of these 60-day rollover issues by using only direct trustee to trustee transfers whenever possible.
Filing late used to be difficult and costly to correct, but new rule alleviates a lot of the pain.
Make sure clients are accessing their accounts or otherwise taking steps that would deem their accounts active.
If clients don't need the income, here are some ways the money they must take can be put to good use.
IRA basis is required to be tracked on IRS Form 8606 “Nondeductible IRAs,” which is filed with a client's tax return.
Roth IRAs offer significant tax benefits, but these transactions are on the Internal Revenue Service's radar.
