Tax tips with Ed Slott

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Mega qualified charitable distributions only available until year-end

Advisers with charitably inclined clients should let them know that through year-end, anyone who’s over 59½ can transfer an unlimited amount from an IRA or 401(k) to a charity and get an itemized deduction to offset the income, Ed Slott says.

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How proposed IRA legislation could affect your clients

Proposed IRA legislation would ban after-tax back-door Roth conversions, stop pre-tax Roth conversions above a certain income level, and mandate that private securities come out of IRAs – all provisions that could affect many clients, Ed Slott says.

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Congress takes aim at mega-IRAs

Advisers with clients who have large IRAs should be aware of congressional proposals targeting mega-IRAs — those holding more than $10 million — including a proposal for a mandatory 50% RMD of the amount over $10 million, Ed Slott says.

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Time to talk about Roth conversions

As year-end approaches, Ed Slott says advisers should talk to clients about Roth conversions. Clients have a better idea of their income for the year, and advisers can help them project the cost of a conversion at this year's low rates.

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Valuable strategy for year-end tax planning

Qualified charitable distributions, or QCDs, remain a valuable tax strategy this year, even given the break on RMDs, Ed Slott says. QCDs involve transfers from IRAs directly to a qualifying charity.

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What does the election mean for taxes?

The presidential election is looming, but Ed Slott says no matter who’s elected in November, tax rates are likely to head higher, and it’s time to prepare clients for that.

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Final due date for 2019 taxes

This year’s tax season has gone on forever. Ed Slott throws cold water on speculation that the IRS might provide another extension and says Oct. 15th will be the final deadline for filing 2019 taxes.

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Coronavirus-related distributions still available

Clients can still take coronavirus-related distributions from IRAs or retirement plans through the end of this year, Ed Slott notes, for those who qualify because they fell ill or lost income as a result of COVID-19.

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Expanded access to coronavirus-related distributions

New IRS guidance in June gave more people access to coronavirus-related distributions from their retirement plans and IRAs. Ed Slott goes over the changes.

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Three ways to access retirement savings

Ed Slott lays out the ways that people can tap the funds in their retirement accounts in the wake of the CARES Act – hardship distributions, coronavirus-related distributions and loans.

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Additional relief on unwanted RMDs

Do any of your clients wish they could undo required minimum distributions they took early this year? Ed Slott explains additional relief the IRS recently provided on this front.

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IRS deadline: Last year’s taxes due, plus some 2020 estimates

Ed Slott describes the many different tax implications of July 15 this year.

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Extended tax deadline: What does it mean?

The tax deadline has been moved to July, but maybe that doesn’t mean you should wait. Ed Slott offers some critical insights your clients need to know now.

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What does the Secure Act mean as we emerge from quarantine?

With so much focus on the Coronavirus, advisers and their clients may have forgotten about the Secure Act. Ed Slott offers some tax strategies for you and your clients to consider in 2020.

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Undoing unwanted RMDs

What if someone already took their required minimum distribution, but didn't need to? Can they put it back in light of the CARES Act? Ed Slott thinks the IRS will provide blanket relief. Learn why.

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No free lunch (not even for Tom Hanks) on IRA distributions

There is a lot of misinformation about how the CARES Act will impact your retirement savings. Tax expert Ed Slott separates fact from fiction in this episode of Tax Tips.

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Dispelling CARES Act confusion

Many are confused about how the CARES Act will impact required minimum distributions. Ed Slott says this could really matter for senior citizens. Learn more.