By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The mailman delivered my son’s 2023 W-2 the other day. I was curious what he earned last year as a lifeguard at our community pool, so I opened the envelope. Box 1, “Wages, tips, other...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Is it possible to do a Backdoor Roth IRA conversion with a SEP IRA? If yes, how does it work? Thank you! Yulia Answer: Hi Yulia, Yes, you can do a Backdoor Roth IRA conversion with a SEP...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: I have been funding a 529 account for over 15 years and no longer need to add deposits. Could I change the beneficiary to myself and then convert to a Roth IRA, assuming I have met the...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: Hoping you can help with this technical question. I am over 73. My traditional IRA balance as of 12/31/22 was $0.00. I made a $7,500 non-deductible traditional IRA contribution in 2023 and...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport When the bell dropped in Times Square last Sunday night, a bunch of new provisions from the SECURE 2.0 legislation kicked in. This article will focus on the Roth-related changes that are effective in 2024....
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Question: I have a traditional IRA with a portion being nondeductible contributions. The last nondeductible contribution I made was in 2009. and I have my Form 8606 showing the...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The SECURE 2.0 Act contained over 90 sections and included numerous IRA and retirement account changes. Additionally, the legislation incorporated staggered effective dates over multiple years. Here...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Thinking of opening up a new solo 401(k) plan for 2023? Thanks to SECURE 2.0, you don’t have to rush to get it done by year end. A solo 401(k) is an excellent retirement savings vehicle for self-employed...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Question: My sister inherited an IRA from our mother (age 95 and died in 2019.) My sister took her RMDs (required minimum distributions) from this inherited account over her life expectancy. My sister died...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport The investment advisory firm of Bad Santa & the Grinch continues to disseminate misinformation and lousy, no good, rotten-to-the-core IRA advice. As we saw in “Bad Santa & The Grinch Offer...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport QUESTION: My brother passed away in May 2023. He had a small IRA with no beneficiary. He was 73 at the time of his death. His estate is to be divided equally among his eight brothers and sisters,...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport SIMPLE IRA plans are a popular retirement savings option for small businesses. The plans are available for companies with 100 or fewer employees who received at least $5,000 in pay from the company in the...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport It is December. The halls are decked, and Starbucks holiday cups are everywhere. The end of the year is not far away. That means the deadline is near for taking a required minimum...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport If the Grinch and Bad Santa both passed their FINRA Series 7 exam and decided to open an investment advisory firm, I’m pretty sure they would combine forces to intentionally deliver some of the WORST...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport A few weeks ago, many of us were required to turn back our clocks one hour and say goodbye to daylight savings time. And with that change came the usual reminder to change the batteries in our smoke...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport Thanksgiving is almost here! This is a time for us to gather together and express our gratitude for all the good things in our lives. When it comes to our retirement accounts, we...
By Andy Ives, CFP®, AIF® IRA Analyst Follow Us on X: @theslottreport Year-end to-do lists are commonplace. The problem is, they always seem to get published in mid-to-late December. I can almost hear the collective “thanks for nothing” comment from readers as the...
By Ian Berger, JD IRA Analyst Follow Us on X: @theslottreport Remember coronavirus-related distributions, or “CRDs”? Passed as part of the CARES Act in March 2020, CRDs were special distributions designed to help people who contracted COVID or had financial hardship...
By Sarah Brenner, JD Director of Retirement Education Follow Us on X: @theslottreport You may have noticed grocery stores stocking up for Thanksgiving, and festive lights and displays going up everywhere. Yes, it is the holiday season, but it is also the season to...