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Ed Slott IRA News & Updates


IRA Update

Who Doesn't Need to Take a 2016 RMD by December 31?

The holidays are just around the corner. For many retirement account owners, this means that an important deadline is approaching. Read More

IRA Update

Fix Your 60-Day Rollover Mistake! IRS Releases New Guidance

In one fell swoop, the IRS has just saved thousands of IRAs from the harsh bite of needless and accelerated taxation. Read More

IRA Update

The IRA Definition of Compensation

In order to make an IRA or Roth IRA contribution, you must have "compensation." What exactly is the definition of compensation for IRA purposes? Read More

IRA Update

4 Important Ages in Retirement Plans

There are two things to keep in mind when you are discussing ages and retirement plans. One is the age itself and the other is what the age means. For example, when is age 55 not 55? You will understand as you read further. Read More

IRA Update

4 Benefits from Your IRA for Saying "I Do"

With the calendar well into May, wedding season has arrived in full force. You have probably heard the saying that marriage has its benefits. Well, this is especially true when it comes to the IRA rules. If you are married, you may have some IRA options that would not have been available to you if you had not taken the plunge and tied the knot. Here are 4 IRA benefits you may have if you are married. Read More

IRA Update

3 Five-Year Rules for Roth IRAs You Need to Know

Do you have a Roth IRA or are you thinking about starting one? You may have heard that a "five-year" rule is important for these accounts. Well, that's just the beginning of the story. Read More

IRA Update

10 Quick Tips for Making Your 2015 IRA Contribution We are down to the wire!

The tax-filing deadline is rapidly approaching and time is running out to make your 2015 IRA contribution. In the final few days, before the clock runs out, here are 10 quick last minute tips to keep in mind about contributing to an IRA. Read More

Missed Your 2015 RMD? Keep Calm and Take These 3 Steps

Did you take your RMD from your IRA for 2015?,

Hopefully, the answer is yes because for most IRA owners and beneficiaries the deadline for taking a 2015 RMD was December 31, 2015.
There is an exception. If you reached age 70 � in 2015, you still have time. Your deadline for taking your 2015 RMD from your IRA is April 1, 2016. Read More

RULING TO REMEMBER

10 IRA Contribution Rules You Must Know
By Sarah Brenner, IRA Technical Expert, Ed Slott & Co., LLC

If you follow the rules, there will be no need to worry about a ruling. This month, instead of examining a court case, we realize this is the time when many IRA owners consider making IRA contributions for the prior year. Are you planning on making a 2015 contribution to your IRA? Here are 10 IRA contribution rules you need to know.
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RULING TO REMEMBER

BIG Increases in IRA Private Letter Ruling Fees
By Jeffrey Levine, Dir. of Retirement Education, IRA Analyst, Ed Slott & Co., LLC

Starting Februray 1, 2016, IRS PLR fees for all 60-day rollover rulings and for late Roth recharacterization rulings are increasing to $10,000. Previously, these requests were given special "discounted rates" as low as $500 (for late 60-day rollover requests involving amounts less than $50,000). This is a double whammy for clients with 60-day rollover problems. Here's why.
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RMD RULES TO REMEMBER

8 Things to Know About The Special Spousal Rule That Allows Smaller RMDs
By Sarah Brenner, IRA Technical Expert, Ed Slott & Co., LLC

If you have a traditional IRA and are age 70 � or older this year, you will have to take a required minimum distribution (RMD) from your IRA for 2015. If your much younger spouse is the only beneficiary listed on your IRA for 2015, you may be able to use the special spousal rule. Here are 8 things you need to know about this rule, which may allow you to take a smaller RMD.
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QUESTION OF THE MONTH

Is There a Statute of Limitations on Failing to Report an RMD on My Tax Return?
By Sarah Brenner, and Beverly DeVeny, Ed Slott & Co., LLC

Q: My son, who is an accountant, looked over my data and found that I reported $5,000 too little on my 2009 tax return. Because this is a pension distribution, he is not sure if the statute of limitations has expired as it would in a normal error on the IRS Form 1040. Is there statute of limitations on RMDs?
The Answer

NOVEMBER KEY FOCUS

What the New Budget Means for Your Social Security and Medicare Benefits
By Jeffrey Levine, Dir. of Retirement Education, IRA Analyst, Ed Slott & Co., LLC

Retirement planning for millions of Americans changed on Monday, November 2 when President Obama signed into law the Bipartisan Budget Act of 2015, which has a significant impact on both Medicare Part B participants and those trying to employ savvy planning tactics to get the most of their Social Security benefits. Here's what you need to know.
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