Tax penalties

Sometimes the strategy can eliminate a domino effect of other expensive tax problems down the road, Ed Slott writes.

The new law will affect how financial advisors and clients evaluate the pros and cons.

Advisors should contact every client who did a Roth conversion in 2017 to discuss a key change in tax regulations, Ed Slott says.

It’s the Roth’s 20th birthday. Where is everyone?

“Your risk of being audited goes up,” says RIA powerhouse Ron Carson.

The breach follows other developments that have made offshore planning methods less attractive.

IRA balances are up, and so are divorces, particularly among baby boomers. These so-called gray divorces have roughly doubled over the past 25 years, according to the Pew Research Center.

When a tax-deferred account is part of an estate, failure to follow the tax rules correctly can result in a financial disaster.

Now harsh penalties and taxes on late 60-day rollovers from company plans and IRAs can be avoided, but beware: There are some rollover mistakes that still cannot be fixed.

Knowing how and when to withdraw can save clients big in their golden years.