roth conversion | Ed Slott and Company, LLC

roth conversion

“Mid-Air” Roth Conversions

Wednesday, September 13, 2023
If ever I was traveling from Los Angeles to Atlanta, I would choose a direct flight with no layovers. I want the most efficient route to my destination. Point A to Point B. Take off, land. Assuming no difference in ticket price and all things being equal, if another LAX to ATL itinerary included a stop in, say, Chicago, would there be any reason to take it? Why pass through another airport in another city when I can fly direct?
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Roth Conversions and Inherited Roth IRA RMDs: Today’s Slott Report Mailbag

Thursday, August 31, 2023
Question: Hello, If you do a Roth conversion from an IRA, does that qualify as your required minimum distribution (RMD) for the year? Or is it separate and apart from the RMD? Thank you,
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Successor Beneficiaries and IRA Rollovers: Today's Slott Report Mailbag

Thursday, August 17, 2023
Question: I am struggling to find an answer to my situation. My wife’s 82-year old father passed away about 8 years ago and he was taking IRA distributions. A portion of his IRA was inherited. Since then, my wife had been taking RMDs based on her life expectancy as an old stretch IRA.
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Anomalies and Exceptions

Wednesday, August 09, 2023
As already-complicated IRA rules spiral further into an abyss of confusion, it comes as no surprise that irregularities exist. Up is down and left is right. Green means stop, red means throw your hands up in exasperation.
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Inherited IRAs and Roth Conversions: Today's Slott Report Mailbag

Thursday, July 27, 2023
Question: I inherited an IRA in 2022 upon the passing of my father after he had already started his RMDs. I took a 2023 RMD from it in May 2023. Your website says I’m not required to take this RMD. I called the custodian to reverse it, but they said it can’t be done. Is this true?
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Conversion as a Gift to Your Beneficiaries

Monday, May 08, 2023
Do you have an IRA you are thinking about converting to a Roth IRA? There are many benefits to converting. You trade an immediate tax bill for the promise of tax-free earnings and distributions down the road. However, one benefit you may not have considered is the benefit to your beneficiaries. Inheriting a traditional IRA will have very different tax consequences than inheriting a Roth IRA. Converting your IRA to a Roth IRA is really a gift to your beneficiaries.
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Inherited Roth IRAs and Roth Conversions: Today's Slott Report Mailbag

Thursday, May 04, 2023
Question: Am I correct to assume if I leave my Roth IRA to my 2 adult children, they will have to take all the money out by the end of year 10 and they will have NO taxes to pay on it because it is a Roth? They can take some out each year with NO taxes due, but have the option to leave it all in the account for 10 years, if they desire. Thank you! Louise
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The 5-Year Rule for Converted Roth IRA Funds

Wednesday, April 26, 2023
If you recently converted your traditional IRA to a Roth IRA and you under 59 ½, you will want to know about the five-year rule for penalty-free distributions of converted funds from your Roth IRA. Many people are not aware of it. Not understanding how the rule works can result in heavy penalties when you withdraw your Roth IRA funds.
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ROTH CONVERSION DEADLINE AND HSA COVERAGE: TODAY’S SLOTT REPORT MAILBAG

Thursday, March 30, 2023
Question: In a recent blog post, you said that the deadline for contributing to a Roth IRA for 2022 is April 18, 2023. Does that include converting a traditional IRA to a Roth?
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Employer Plans and The 5-Year Rule: Today's Slott Report Mailbag

Thursday, March 23, 2023
Question: My daughter had two employers during 2022. The first employer offered a matching 401(k) plan in which she enrolled. The second employer (her current employer) offers no retirement plan benefit. In preparing my daughter’s 2022 federal tax return on TurboTax, she is unable to take advantage of a deduction for an IRA contribution, because the 2022 W-2 from her first employer in 2022 indicates that she is covered by a retirement plan.
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