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backdoor Roth IRA


Question: My husband has taken two different qualified distributions from his Roth IRA within the last 60 days. We would like to "pay those back.” It looks like we can put money back into the Roth IRA as a rollover. My question is: Can we put the total amount of the two distributions back into the same IRA, or are we limited to "paying back" just one of those distributions Thanks, Laura Answer: Hi Laura, Redepositing the funds back into the Roth IRA is considered a rollover. Unfortunately, only one of your husband’s withdrawals can be rolled back into his Roth IRA. He is not permitted to combine them and then roll the combined amount back.

Roth IRAs and the Backdoor Roth Conversion: Today's Slott Report Mailbag

Question: Hello. I am an avid reader. Thank you for the information you provide. About opening/establishing a Roth IRA: I opened my 1st and only Roth IRA on April 12 of 2018 at the age of 59 ½, funding it with an initial deposit and designating that deposit as a 2017 deposit/contribution. In August of 2018 I made a 2nd deposit as my 2018 Roth IRA contribution. Does the 5-year rule (to withdraw earnings tax free) begin in 2017 or 2018? Does the 5-year rule start on April 12, the actual date of the Roth IRA establishment, or does the date default to January 1st regardless of the actual establishment date? Thanks again, Jeff Answer: Jeff, The start date for your Roth IRA is officially January 1, 2017.

Can I Convert an Annuity to a Roth IRA?

A holiday weekend version of The Slott Report Mailbag features questions concerning a 1099-R filing error, the possibility of converting an annuity to a Roth IRA and the viability of the often discussed (at least in this space) back-door Roth IRA.

5 Reasons Why Millennials Should Go with a Roth IRA

If you are a young worker, you, like many other members of the millennial generation, may be juggling student loans and expensive rent. Retirement? That is likely the last thing on your mind, although you may have a sneaking suspicion that the generous pensions that older generations enjoy probably will not be there for you. What can you do now to save for a more secure retirement? Well, for many millennials the Roth IRA is the way to go. Here are 5 reasons why.

Is the Back-Door Roth IRA Strategy Still Viable?

This week's Slott Report Mailbag answers a college student's question on qualifying income for a Roth IRA contribution and discusses the still viable "back-door Roth" strategy.

I'm Over the Contribution Income Limit - Can I Still Get Money Into a Roth IRA?

This week's Slott Report Mailbag looks at the complications involved with pre- and after-tax contributions to different retirement plans and the rules involved with conversions and distributions.

Can I Make This Tax-Free IRA Rollover?

This week's Slott Report Mailbag answers a question about the IRA rollover procedure compared to trustee-to-trustee transfers and examines the Back-Door Roth IRA strategy. Open this week's mail to read the answers to questions about these two key IRA planning processes.

The Definitive Guide to the "Back-Door Roth"

Chances are that, by now, you’ve heard of a retirement planning strategy known to many as the “Back-Door Roth.” But what is it? Why is it important? What are the potential traps and how can it benefit clients? In this report, we dive deep into answering each of these questions and more.

3 Retirement Loopholes Likely to Close

As we all know, there are many tips and tricks to maximizing the tax code in the short-term at tax time and in long-term with your retirement account. However, when a loophole is being used by "too many" and the government is losing out on lost revenue, it has a good chance of being closed. Reporter Liz Weston spoke to Ed Slott about 3 loopholes that are in danger.

Slott Report Mailbag: The Effects of IRA Contributions on Social Security Benefits

ed slott IRA questions
This week's Slott Report Mailbag includes questions about the effects from contributions and rules on retirement plans. Click to read a Q&A with our IRA Technical Expert.

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