Webcast Extended Through Next Friday

Ed Slott's FREE 1-Hour Webcast, Seize 2010 Golden Opportunities Before Year-End, has been extended through NEXT FRIDAY, SEPTEMBER 24TH.

You now have an extra 7 days to set aside 1 hour that will change your business. In this webcast, Ed Slott explains:

• 2010 Roth Conversion Planning and Unique Tax Planning Opportunities
• Health Care Taxes and Ways to Save Your Clients a Fortune in Future Taxes

CLICK HERE to register and LISTEN IMMEDIATELY!

If you have any questions, please give us a call at 215-557-7022.

5-Year Rules and Roth Recommendations Highlight Mailbag

This week's Slott Report Mailbag discusses some complex, timely issues involving Roth 5-year rules and other Roth IRA recommendations. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

1.

I converted a traditional to Roth IRA in 2008, then lost money on it, recharacterized for one month and reconverted in 2009, filed the federal and state 2008 amended returns (by TurboTax), and they have both responded agreeing to refund the tax difference.

The Roth is in a personal revocable trust, funded only by Roths, with me as current trustee, i.e. the trust is the owner of the Roth. I paid all taxes for the conversion and reconversion from personal taxable investment funds NOT from IRAs.

The tax refunds will be approximately $70k federal and $12K state.

It would be more beneficial to me and our family if the state and federal tax refunds could be paid to the Roth that suffered the loss, instead of to me.

I assume this is not possible but wanted to check with someone, and would appreciate your advice.

Thank you,

Robert Nicholls

Answer:
You have bigger problems than the investment losses in your Roth IRA. Based on your questions you should definitely consult with an IRA professional. A personal revocable trust CANNOT be the owner of a Roth IRA or any other IRA for that matter. An IRA is an individually owned account and any transfer to a trust during life or after death is a taxable transfer and the funds are no longer IRA funds. A trust, however, can be a beneficiary of an IRA. Check our web site at www.irahelp.com and click on the "Find an Advisor" and you will be able to locate a professional trained IRA advisor in your area that can help you. By the way, IRS does allow tax refunds to go into an IRA by filing Form 8888 with the return but these are considered ordinary contributions and must meet all the contribution rules.

2.

We have several 401(k) plans we would like to convert to Roth IRAs this year. Our question regards the withdrawal of the Roth. When can you withdraw the money from the Roth? Does it have to be in the Roth for 5 years and you have to be over 59 1/2 years old? Or can you withdraw it at any time once you are 59 1/2 years old even though it has not been in the account for 5 years? Also, if you roll 401(k) monies into an existing Roth, are the funds you roll over under the same withdrawal guidelines?

Thanks for the help!

Larry Reaves

Answer:
(Editor's Note: We just came out with a Roth IRA 5-Year Rules Pamphlet Pack filled with information on the 5-Year Rules as well as key questions to ask your financial advisor. CLICK HERE to purchase the pamphlet pack).

This is a question we get often. You can always take a distribution of basis from a Roth IRA. Basis is annual contributions and converted amounts. Those distributions will not be taxed when they are withdrawn as they were subject to tax when they went into the Roth IRA. There are ordering rules for Roth distributions:

Contributions come out first.
Converted amounts come out next-first in, last out.
Earnings come out last.

Distributions must be qualified to be free of all tax penalties. You must have had a Roth IRA (any Roth) for 5 years.
AND
you must be age 59 1/2
OR
the distribution is due to death,
OR
the distribution is due to the disability of the account owner.
OR
the distribution qualifies for the first-time home buyer exception.

The 5 years start with the establishment of your first Roth IRA and cover all future Roth IRAs you many establish. In order words, it only runs once.

Two rules to remember:
Rule #1: Applies to all Roth IRAs and determine if distributions of earnings are taxable. If a distribution is qualified (see above), all funds come out of the Roth IRA income tax and penalty free. If the distribution is not qualified, a distribution of earnings (see ordering rules above) will be subject to income tax and early distribution penalty, if applicable.

Rule #2: Applies to all Roth conversions (including conversions from employer plans). If converted amounts are distributed (see ordering rules above) before they have been held for 5 years AND the account owner is under the age of 59 1/2 at the time of the distribution, the 10% early distribution penalty will be applied to the amount of the distribution. (If after tax amounts were converted to the Roth, then the distribution of the after-tax amounts will never be subject to the penalty). This rule applies separately to each conversion. If you do conversions in 3 different years, you have 3 different 5-year holding periods to track.

And there you have it.

3.

Ed,

I have almost finished your book, "Stay Rich for Life!" and am starting the advisor search for the recommended categories. This is exciting information and gives us hope as a couple.

I have a roll over IRA and a Roth IRA. My employer does not provide any retirement benefits, however I do receive a year-end bonus (taxed as regular income) to help me with retirement. However, last year that amount, $4,000 pre-tax, went over the amount I was able to put into a Roth after tax, due to total income so there was a penalty of more tax. How do I contribute to a retirement fund without being penalized?

We are empty nesters at 51 and able to put away income but not sure how to best achieve that.

Annual combined gross income: $171,500
My wife does contribute in her company's retirement plan. Her individual gross income is $41,000.

Any recommendations?

Thanks,

Steven

Answer:
First, call your local PBS station and find out if and when they plan on airing Ed's new Public Television Special, "Lower Your Taxes Now and Forever!". It is a great special.

You must stay within the limits the IRS has prescribed for contributions. Unfortunately, you hit both IRA contribution limits--income limits for making Roth contributions and income limits for deducting IRA contributions. You should probably put as much as you can in your Roth IRAs and put the balance in IRAs as after-tax contributions. In 2010, you can contribute $5,000 to your IRAs (if your earned income equals or exceeds that amount) and if you are age 50 or older on 12/31/2010 (which it seems you were) you can add another $1,000 for a total of $6,000. If you put after-tax contributions in your IRA, be sure you file Form 8606 with your tax return each year showing your after-tax contributions.


By IRA Technical Consultant Marvin Rotenberg and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

Year of Death RMD

Required minimum distributions (RMDs) start at age 70 ½ for all traditional IRA owners, including those who have SEP and SIMPLE IRAs set up through their employers - even if they are still working for those employers at the time.

In only the first year you are required to take distributions, you can defer the distribution until April 1 of the following year. This is your required beginning date (RBD).

If you die before your RBD, then there is no required distribution for your year of death - even if you already took part of the distribution before you die. Your spouse or other beneficiaries are not required to take any further funds out of the IRA to satisfy your distribution in the year of death. If the beneficiaries do not need the money, then let it stay in the IRA to continue growing and compounding tax deferred until they need to begin taking their own RMDs from the inherited account (12/31 of the following year).

But, if you die after the RBD and have not taken your entire RMD for the year, then your beneficiaries must take the balance of the RMD before the end of the year. The RMD for the year of death is calculated as you had lived for the entire year.

It is important that your beneficiaries know to take this distribution. The penalty for not taking a required distribution is 50%; that is not a typo; it is 50% of the amount not taken. But wait, there’s more! The amount of the missed distribution must be taken from the account and the beneficiary must pay income tax on that amount in addition to the penalty.

By IRA Technical Consultant Beverly DeVeny and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

A Wave of Tax Hikes Coming in Just 4 Months

In 2011, most American taxpayers are scheduled to be hit by a variety of tax changes that will dramatically affect the weight of their wallets, and not in a good way.

Tax cuts enacted by Congress in 2001 and 2003 at the behest of President Bush are set to expire, precipitating a sharp rise in personal income tax rates. The top income tax rate would increase from 35% to 39.6%. The lowest rate, 10%, would rise to 15%. All the rates in between would also increase. The full list of marginal rate hikes is as follows:

The 10% bracket rises to 15%
The 25% bracket rises to 28%
The 28% bracket rises to 31%
The 33% bracket rises to 36%
The 35% bracket rises to 39.6%

Itemized deductions and personal exemptions are scheduled to again phase out, which would mean more taxes paid by individuals. Also scheduled for phase out is marriage penalty relief. The child tax credit is scheduled to drop from $1,000 to $500 per child. Higher tax rates will also affect savers and investors. The long term capital gains tax rate rises from 15% to 20% and the tax rate on dividend payments will rise from 15% up to a maximum of 39.6%.

Without any relief from Congress, it is estimated that the Alternative Minimum Tax (AMT), enacted way back in 1969 to ensure that “wealthy” individuals pay their fair share of taxes, will ensnare 28 million families in 2011, up from just 4 million in 2009. Historically, Congress enacts a patch each year which accounts for the low number of families paying that tax in 2009.

This year, there is no federal estate tax, regardless of the size of the decedent’s estate. If Congress fails to act (which is how the federal estate tax expired in the first place), for those dying after December 31, 2010 there will be a 55% top death tax rate on taxable estates over $1 million.

Americans will no longer be able to use pre-tax dollars held in health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement accounts (HRAs) to purchase non-prescription, over the counter medicines.

The message to be taken from all this, clearly, is that it’s more important than ever to start your tax planning now in order to mitigate as much as possible the detrimental effects of these tax increases (possibly) lurking just around the corner. Unfortunately, we have much more to fear than fear itself!

By IRA Technical Consultant Marvin Rotenberg and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

NAIFA 2010: Our Social Connection

We will be traveling to Seattle, Washington later today for NAIFA's annual conference. The 2010 NAIFA Career Conference and Annual Meeting is a great place to network, meet some of the nation's most talented financial minds and most importantly...learn, whether it be technical information or strategies to improve and boost your business.

What was the conference like? What does the picturesque Seattle landscape look like? What strategies are you bringing back to help your business?

These are all questions we will answer in this space and at our Twitter account: @theslottreport.

During the convention, please bookmark this page: www.theslottreport.com as well as the NAIFA's conference's main page at: http://www.naifa.org/conference/.

Make sure to check our Twitter page frequently for the latest insight from Seattle!

Fake Emails From IRS - Another Scam

I don’t know about you, but I am not crazy about the idea of paying taxes. I realize I need to pay my fair share and I have no problem with that. But the thought of losing money to someone who is running a scam is something that I would like even less than paying taxes.

You can now pay your taxes electronically, through the Internet or over the phone. Scammers are taking advantage of that. They send out emails saying they are from IRS and that there is a problem with your payment or with your refund.

Here’s a tip: IRS never communicates with taxpayers, either individuals or businesses, by email. They use snail mail - you know the person who comes to your mail box and fills it with junk mail. So when you get an email from IRS - DON’T CLICK ON ANYTHING in that email. Also, do NOT respond to any email requests from IRS for personal information. You are being scammed.

The latest scam that IRS is reporting is targeted at users of the Electronic Federal Tax Payment System (EFTPS). The email says that there is a problem with the payment and that you need to go to a website for more information. The website will infect your computer.

Bottom line: You can ignore emails from IRS. Just remember, you can’t ignore snail mail from IRS. That is not a good thing.

By IRA Technical Consultant Beverly DeVeny and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

Roth Conversion Tax Timetables Highlight Mailbag

This week's Slott Report Mailbag discusses some complex, timely issues involving Roth conversion tax timetables. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

1.

Hello,

I am retiring in 2010. If I convert my 401(k) to a Roth IRA this year (2010), will I have to pay the split taxes in 2011 and 2012 based on my 2010 pre-retirement tax bracket or my 2011 post-retirement tax bracket? Also, can I pay all the tax in 2011 instead of splitting it between 2011 and 2012? I am also considering converting part of my 401(k) to a Roth in 2010 and part in 2011 and beyond. If I create a Roth in 2010, can I add to the same Roth in later years? How would that affect the 5-year rule as rule as would the 5 years be finished in 2015 or from the date of my last contribution?

If I retire this year and do not create a Roth, can I still create one in 2011 or beyond even though I will be retired and have no income? Is there any advantage to creating more than one Roth vs. creating a single Roth if all the money is going to be left to the same non-spouse person beneficiary? What new laws may come into effect in the next few years regarding income limits for Roth Conversion, tax percentage hikes or breaks when converting to a Roth or non-spouse Roth beneficiary rules?

Thank you,

Howard

Answer:
For Roth IRA conversions this year (2010) you have two options for paying the income tax due:
1. Add the taxable conversion amount to your 2010 income and be done with the income tax aspect. You will be taxed at your bracket in 2010.
2. If you elect to not use option 1, you can spread half the taxable conversion amount to your 2011 return and half to your 2012 return. You will be taxed at the rates in effect for 2011 and 2012. Those are the only two options. If you want to pay all the tax in 2011, then you should do your conversion in 2011.

If you think your income will be significantly lower in 2011 and 2010 because of your retirement you might want to use option 2. However, if you are concerned about tax rates rising in 2011 and 2012, you can use option 1. You can always add other conversion amounts to your Roth IRA. Your first Roth IRA will be the measuring period for the five-year rule for taxation of earnings; subsequent conversions will NOT restart the holding period.

You cannot contribute to a Roth IRA unless you have earned income, but you can still convert your IRA or 401(k) funds to a Roth IRA. You do NOT need earned income to do that.

Many individuals use separate accounts mainly in case they want to recharacterize later and some just to invest differently for different beneficiaries.

The tax laws are always changing as well as tax rates. Stay tuned to our web site, www.irahelp.com, to keep up to date. At this time, non-spouse beneficiaries cannot convert inherited IRAs to Roth IRAs, but 401(k) beneficiaries can do a conversion.

2.

I would appreciate any insight on this matter: Presuming a person is already older than 70 1/2 years old and must take annual IRA distributions. During 2010, this person takes a portion of his IRA or her IRA and converts to a Roth. There had never been a Roth before this. During 2011 and for the next four years, does this person not have to take part of the Roth as a minimum distribution? Although only the income on this money will be taxed, as the account cannot be a Roth for 5 years, does this not imply that it is still part of the IRAs which have a RMD associated with them?

Thank you!

Answer:
Good question. When you are age 70 1/2 and over you have annual required minimum distributions (RMDs) that must come out of a traditional IRA. In the year of conversion, your RMD must come out first before the conversion. If your RMD is converted to a Roth IRA you have an excess contribution in the Roth IRA that must be removed following special rules for excess contributions. Once you have converted to a Roth IRA, you no longer have any RMDs on those funds during your lifetime. The five-year holding period has no impact on RMDs.

By IRA Technical Consultant Marvin Rotenberg and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

Retirement Fears: Roth IRA Conversions On The Rise

You are 25, sitting in your living room as a recently-married, middle-income homeowner with your best years of earning power ahead of you.

Conversely, someone 25 years your elder is sitting in his or her living room, asking themselves the same question.

Should I convert to a Roth IRA?

Having a competent, educated financial advisor who has accurate advice and information is the most important part of this decision, along with your comfort level with your current financial situation and your projected situation going forward.

CLICK HERE for an article that should keep you from feeling any Retirement Fears.

By IRA Technical Consultant Marvin Rotenberg and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

Question of Week: Disclaimers - Part 1

This week, the Ed Slott and Company IRA Discussion Forum featured a question about disclaimers. What is a disclaimer and how do they work? Read on to find out.

So what exactly is a disclaimer anyway? In the most basic sense, a disclaimer allows you to “play dead.” Instead inheriting an IRA (or other assets), you’re treated as having predeceased the IRA owner, leaving the assets to fall to the next beneficiary in line. At first glance, this may not sound so great - after all, who wants to pretend they’re dead! - but in reality, the disclaimer is a powerful estate planning tool. If used correctly and in the right situations, a disclaimer can allow for the same estate tax savings that would be provided by a credit shelter trust - but at a fraction of the cost and complexity.

Perhaps the most important aspect of understanding how disclaimers work is that even if you execute one properly, you can’t redirect assets to the person of your choosing. In other words, if you were executing a disclaimer, you couldn’t say “I don’t want the IRA money, give it to Tommy.” Instead, once executed, the disclaimer would treat you as having died before the IRA owner and the assets would fall to the contingent beneficiary - that is of course, if one had been named. This is just one more reason why it’s so important to name both a primary and a contingent beneficiary.

For example, let’s say that Charlie had a $5 million IRA and had named his wife as the primary beneficiary of the account and his daughter as the contingent beneficiary. On December 25, 2009 Charlie died. Now, after his death, Charlie’s wife has three choices - she can keep all of his inherited IRA, she can disclaim it all, or she can do some combination of the two. Since Charlie’s daughter was named as the contingent beneficiary on the beneficiary form, any part of the IRA disclaimed (by Charlie’s wife) will pass directly to her (his daughter). Perhaps Charlie’s wife would decide she didn’t really need the money and would choose to disclaim $3.5 million (the amount able to pass estate tax free to a beneficiary other than a spouse in 2009) and roll the remaining $1.5 million into her own IRA - potentially savings hundreds of thousands in estate taxes upon her death.

This example clearly shows the flexibility, relative simplicity and the potential for estate tax savings that make the disclaimer so powerful. And it underscores the importance of both primary and contingent beneficiaries. But while making sure you’ve named the right primary and contingent beneficiaries is a crucial step in the disclaimer process, but it’s not the only hurdle that you or your beneficiaries will need to clear in order to make use of the provision. After death, there are a number of landmines that must be avoided. What are some of the most important rules to follow after death? Check back next week to find out.

Got more questions?? Want to see what other people are asking? Check out the Ed Slott and Company IRA Discussion Forum.

By IRA Technical Consultant Jeffrey Levine and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

2010 Roth Conversions Highlight Mailbag

This week's Slott Report Mailbag discusses some complex, timely issues involving distributions and Roth conversions. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.


1.

Mr. Slott,

I work directly with a not-for-profit employer group who sponsors a 401(k) retirement plan. The plan takes after-tax employee contributions (up to 3%) and then matches these employees with a dollar for dollar employer contribution. Upon termination from the plan, the employee essentially has two "buckets of money", the pre-tax money (employer contributions and gains on the account) and the after-tax money (the employee contributions).

I know the employee can take the pre-tax money and roll it over to an IRA. My question is regarding the after-tax money. Do they have the option of converting only these after-tax funds from the 401(k) plan into a Roth IRA?

I couldn't think of a better source to ask. Any guidance would be greatly appreciated!

Thanks!

Answer:
You raise a very good question. This question is being discussed by many IRA specialists. The IRS has issued conflicting guidance on whether or not you can do a rollover of after-tax funds to a Roth IRA income-tax-free. The interpretation of Code section 402(c)(2) and IRS notice 2009-68 are very confusing at best. Treasury officials are aware of this issue and are currently looking at it. The IRS issued its Spring 2010 newsletter that appears to take the pro-rata allocation approach. However, after all of the above many plan administrators continue to advise their plan participants that this can be done.

2.

In October 2009, I did a rollover in my IRA which was duly reported. In February 2010, while doing a number of transactions on my computer for the same IRA account, I inadvertently created a distribution to myself rather than what I had intended to do--namely, a transfer of funds from several Vanguard funds to another fund, all within the same IRA. When I realized my mistake the next morning, I immediately called Vanguard to correct the error, but was told it was too late, the so-called distributions were already being mailed to me.

When I received the checks a few days later, I returned them to Vanguard within hours, to be deposited back to my IRA, which was done. Vanguard has considered this a rollover, even though that was never my intention. So now, technically, I have two rollovers within four or five months.

Is there a mechanism by which I can explain the circumstances of the second 'rollover' to the IRS and get a ruling from them before it would normally come to their attention in 2011 or 2010, or later? I am 88 years old and my chances of surviving another 2-3 years at 50/50. I would like to avoid having it dangle over my wife's head when I am gone.

S. Friedman

Answer:
You are correct that an IRA holder may roll over only one distribution from an IRA within a one year period. Also, distributions done the same day are considered one rollover. However, since you did a rollover in October, 2009, your distributions in February are not eligible for rollover. Unfortunately, IRS does not have the authority to waive this rule for anyone. In addition, since you are over age 70 1/2 any of those funds needed to satisfy your required distribution for this year would also not have been eligible for rollover. The funds need to be removed from your IRA as an excess contribution (make sure that is the box you mark on the distribution form). You have until October 15, 2011 to remove the funds and you must also take any earnings on the funds out of the account. The entire distribution (the February checks and the earnings) will be taxable for 2010, even if you do the correction in 2011.

3.

If I were to convert a rollover IRA this year to a Roth IRA, when would the taxes be due and what kind of payment plans are available? I heard the taxes could be paid over two years time. I just finished your book, it was very informative.

Thank you,

Andrew O'Toole

Answer:
I'm glad you enjoyed the book.

For all Roth conversions in 2010, and only 2010, you have the following options:
1. Add the conversion, pre-tax dollars, to your 2010 income and pay the income tax due on your 2010 Form 1040.
2. If you decide not to include that income in 2010 then you can add half the conversion amount to your 2011 income and the other half to your 2012 income.

Keep in mind that if you have both pre-tax and after-tax dollars in your IRA, you must pro-rate the converted amount between pre-tax and after-tax dollars. All IRAs including SEP and SIMPLE IRAs, even the ones you are not converting, must be considered.

By IRA Technical Consultant Marvin Rotenberg and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC

September: Life Insurance Awareness Month

September is Life Insurance Awareness Month. This video from YouTube, courtesy of a Facebook friend details the importance of life insurance and the necessity to protect your family going forward in the result of tragedy.



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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC


If you have any questions, give us a call at 215-557-7022.

Income Too High For Roth IRA Contribution?

While there are no income limits for making an IRA contribution, there are income limits for making a Roth IRA contribution. For 2010 the limits are as follows (the limits are indexed for inflation each year):

Married, filing jointly $167,000 - $177,000
Married, filing separately $0 - $10,000
Single $56,000 - $66,000

If your income is above those limits, you cannot make a Roth IRA contribution.

BUT, you can still make an IRA contribution and then do a Roth conversion. There is no waiting period from the time you make an IRA contribution until the time you do the Roth conversion. So you can use this two step process to get funds into a Roth IRA each year.

The pro-rata rule will apply. If you have pre- and after-tax funds in any IRA you own, you must use the pro-rata rule for calculating how much of the converted amount will be subject to income tax.

You must report after-tax IRA contributions on Form 8606 for the year of the contribution. You also must subsequently file that form in any year you take a distribution from any IRA.

So, if you really want to make a Roth contribution, don’t let those pesky income limits stop you.

By IRA Technical Consultant Beverly DeVeny and Jared Trexler
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Comment, Question, Discussion Topic on your mind? Click on the Blue Comment Link below and leave your thoughts then check back to see what other consumers and advisors think.

*Copyright 2010 Ed Slott and Company, LLC