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DOUBLE BROCCOLI VS. IRD
By Andy Ives, CFP®, AIF® IRA Analyst My son does not much care for broccoli. However, he knows it is for the greater good, and I insist he grow strong and healthy. As long as he lives under my roof, I could feed him broccoli for both lunch and dinner. Double broccoli...
read moreIRA DISTRIBUTIONS AND THE 401(K): TODAY’S SLOTT REPORT MAILBAG
By Jeremy T. Rodriguez, JD IRA Analyst Question: First, thank you for the educational opportunity via the mailbag services. I'm 70 years old (will be 70 1/2 in July this year). I retired in 2014. I have a 401K account (consisting of highly appreciated stocks and...
read morePAYING ATTENTION TO THE RULES IS CRUCIAL
By Jeremy T. Rodriguez, JD IRA Analyst If the dictionary had pictures next to each word, the U.S. Tax Code would fit nicely next to the definition of “esoteric.” But as we all know, this complex web of rules and regulations cannot be ignored. Mistakes cost money, in...
read moreTAX DAY IS HERE! – 2 IRA LESSONS WE LEARNED THIS TAX SEASON
By Sarah Brenner, JD IRA Analyst Today is April 15, 2019. This is deadline for filing your 2018 federal income tax return, unless you have an extension. This tax season was the first one where we saw the impact of the Tax Cuts and Jobs Act. Wholesale changes to the...
read moreMISSED RMDS AND RETIREMENT PLAN ROLLOVERS: TODAY’S SLOTT REPORT MAILBAG
By Andy Ives, CFP®, AIF® IRA Analyst Question: Hello, I have a question for a situation I have never come across before. I have a client that just found out they missed taking their RMD’s from one of their retirement accounts for the last 5 years! Assuming they take...
read moreSUNK BY A ROLLOVER
By Andy Ives, CFP®, AIF® IRA Analyst Unfortunately, it happened again. Another person dove into the IRA rollover pool before checking the depth, temperature, or if the pool was even open for swimming. In this scenario, $125,000 was rolled from an IRA at Bank A to Bank...
read moreKEEPING THE RMD RULES STRAIGHT
By Jeremy T. Rodriguez, JD IRA Analyst Most people are aware of the tax concept, Required Minimum Distributions or “RMDs.” These are the tax rules that force you to take a distribution from your IRA or qualified plan, even when you don’t want to. Moreover, that...
read more60-DAY ROLLOVERS AND REQUIRED MINIMUM DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG
By Sarah Brenner, JD IRA Analyst Question: I have a 60 day rollover, and basically the client has what I believe is an uneducated tax preparer. The roll over occurred within the proper 60 days, the custodian sent out the 1099R as a distribution checking box 7, 1,...
read more4 SEP IRA PLAN RULES THAT MAY SURPRISE YOU
By Sarah Brenner, JD IRA Analyst Are you a small business owner or a sole proprietor? If so, you may use a Simplified Employee Pension (SEP) IRA plan to save for retirement. These plans are a popular choice for small businesses because they are inexpensive and easier...
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