Q:
I inherited a regular IRA upon my mother's death in 2015. I am now 75 years old and have been taking required distributions since then. She was taking distributions herself when she died. My question is: may I close out this IRA now by taking out the entire balance and paying taxes on it? Thanks.
Answer
Q:
I have just read as many questions and answers as I could on The Slott Report and am still very confused. Simply put, I am over 80 years old, and I have had a Roth and a traditional IRA for many years. My daughter is the sole beneficiary of those IRAs and is in her 50s. Will my daughter have to take an annual RMD from both my Roth and traditional IRA when she inherits, as well as emptying my accounts within the 10-year period? Hope you can clear up my confusion. Thanks.
Answer
Q: I have enjoyed for years your seminars and newsletter. Last year Congress proposed to end the "Backdoor" Roth strategy. My question on this strategy for this year is, do we implement this with our clients or not? Are you aware of any tax proposals that target eliminating the Backdoor Roth? Or does it look like a safe strategy to employ again in 2022?
Answer
Q: Can an RMD from an inherited IRA be taken out of your own traditional IRA?
Answer
Have a question for America's IRA Experts?
Email your questions to us at
[email protected]
. Selected questions will be featured every Thursday in the Slott Report.
