Q: Has the IRS
clarified the
10-year rule on
inherited IRAs? Do
you have to take
RMDs each year or
can you wait until
the 10th year? Also,
does this rule apply
to inherited Roth
IRAs?
Answer
Q:
I turn 72 this
year and have to
take my first
required minimum
distribution
(RMD). I am also
in the process of
converting most of
my IRA into a Roth
IRA. I know I have
to take my RMD
first before the
conversion. Since
this is my first
year of RMDs, I
know one of the
options is to
delay the RMD
until April of
next year. Is it
possible to set
aside the RMD
amount in my IRA
for the RMD to be
done in 2023 but
do the Roth
conversion first
this year (2022)?
Or will I have to
do the RMD in 2022
(even though I
have the option of
waiting until
April of next
year) before I do
the planned Roth
conversion this
year?
Answer
Q: My
mother died in
2021 in her 90's.
She was using
money from her
traditional IRA
RMD as a QCD. In
order to fulfill
her 2021
charitable
commitments, I did
a QCD after her
death. Because I
am not 70 ½ yet,
my CPA tells me I
need to include
the IRA withdrawal
in my income and
take a charitable
deduction because
the assets had
already moved to
my inherited IRA
account. Is this
correct? Is there
an exception I am
missing here?
Answer
Q: My
question relates
to an IRA
withdrawal that is
then deposited as
a Roth conversion.
Will this
withdrawal count
as a once-per-year
IRA rollover?
Answer
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