IRA Rollover | Ed Slott and Company, LLC

IRA Rollover

Roth IRA Distributions and IRA Rollovers: Today's Slott Report Mailbag

Thursday, March 24, 2022
Question: I established a Roth IRA in 2011 and needed to withdraw $ 30,000 in 2021 to pay for my daughter’s first year of college tuition. I am under 59 1/12 and the 1099-R has a code of J meaning early distribution and no known exception. Will my distribution, therefore, be fully taxable and will I have to pay the 10% early withdrawal penalty? I was told by the Company holding my Roth IRA that it would be a fully NON-taxable distribution and no penalty as it was used for educational purposes. Please advise. Thank you
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Roth Contributions and Rollovers: Today's Slott Report Mailbag

Thursday, March 17, 2022
Question: Hey Ed- Long time reader and listener of yours…and have bought a few copies of your latest book to share with clients! Prior to us being involved, my client made a Backdoor Roth contribution in 2021. He did this despite his income being below the threshold limits. Also, he had existing IRA balances. Is there anything he can do? Are the 2018 recharacterization rules such that he is stuck with any tax implications?
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IRA Rollover Rules and Roth Conversions: Today's Slott Report Mailbag

Thursday, February 03, 2022
Question: I'm retired, over age 59 ½, and want to take a single 401(k) distribution and convert it to my Roth IRA. Do I follow same 60-day rollover rules and first have to rollover the distribution to a Traditional IRA and then convert it, or can I deposit it directly into my Roth IRA?
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Rollover Trivia: 5 Q&As

Monday, January 31, 2022
The “Martin Scenario”: Martin, age 40, has never done an IRA rollover before. He took a distribution from his traditional IRA in December 2021 for $10,000 and deposited it into his checking account. Martin took another distribution from his IRA in January 2022 for $50,000. He also deposited this into the same checking account.
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ONCE-PER-YEAR ROLLOVER RULE AND NEW LIFE EXPECTANCY TABLE: TODAY’S SLOTT REPORT MAILBAG

Thursday, January 27, 2022
Question: 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? Thanks in advance for your wonderful advice.
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Rolling Over Last Year’s IRA Distribution

Wednesday, January 26, 2022
The rollover rules can be especially challenging at the end of the calendar year. If you took a distribution from your IRA at end of 2021 and are considering a rollover in 2022, here is what you need to know.
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One IRA Rollover Per Year - Based on Distributions

Wednesday, January 19, 2022
A person is allowed only one IRA-to-IRA or Roth-IRA-to-Roth-IRA 60-day rollover per year. This 12-month period is a full 12 months – it is not a calendar year. Accordingly, we refer to this as the “once-per-year rule.” For example, if a person received an IRA distribution in March that is subsequently rolled over, he is not eligible to initiate another 60-day IRA or Roth IRA rollover with a distribution received before the following March. The 12 months begin with the date the funds are received by the account owner. (Day of receipt is an important distinction. This could buy a person a couple of days when the 60-day deadline is approaching and a check was originally mailed to the IRA owner.)
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Another Good Reason to Do a Spousal Rollover

Monday, November 01, 2021
As discussed in the October 18 Slott Report, spousal beneficiaries of IRAs can take advantage of certain payout rules that aren’t available to non-spouse beneficiaries. For example, a surviving spouse who remains a beneficiary can defer required minimum distributions (RMDs) until the year her deceased spouse would have turned age 72. Also, when RMDs begin for surviving spouse beneficiaries, the spouse can go back to the IRS Single Life Expectancy (SLE) Table each year to recalculate her life expectancy factor.
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Time to Simplify Your Retirement

Wednesday, October 13, 2021
As you approach your golden years, you may be looking to simplify your life to wring the most out of retirement. It may be time to right size and move from a larger house with an abundance of maintenance to a smaller space that is easier to manage. It may also be time to declutter and organize years of belongings. Make a new start. Retirement accounts should not be overlooked as part of this process. Consolidating these accounts can go a long way towards simplifying life.
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ROTH IRAS FOR CHILDREN AND ROLLOVERS OF RMDS: TODAY’S SLOTT REPORT MAILBAG

Thursday, August 05, 2021
Question: Can you put funds into a Roth IRA for a 14 year old using money you have paid the child for doing chores? Client was told all he needed to do was keep a record of what was paid by to the child. I have always enjoyed your presentations. Thank you, Cathy
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