Q: I have a client who took out $100K from his SEP IRA and put the funds back in on 8/19/22 -- within 60 days from the distribution. The client has now called me and asked if he can take the same $100K out and move it to his Roth IRA and pay taxes on it. Is he allowed to do this, or do we have to wait until 2023 to do the conversion?
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Q: I need clarification regarding RMD statements for customers who hold inherited IRAs or inherited Roth IRAs. I have not been able to find a clear answer to the following question:
Is the custodian required to provide an RMD statement to owners of inherited IRAs (or inherited Roth IRAs)?
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Q: I am 72 years old and want to start taking RMDs. I have multiple accounts from teaching jobs that I had many years ago, plus a couple of traditional IRAs and a 401(k) with my current employer. Can I total all of these up as of December 31, 2021, and take an RMD based on that number, or does each account have an RMD based on its value?Thank you for your help,
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Q: I contributed $7,000 into my Roth IRA account prior to January 8th of this year. I was 71 at the time and still working full time. I retired on January 8th. Reading your articles on excessive contributions, did I contribute too much money into my Roth IRA as I did not earn $7,000 for the 8 days that I did work this year? Thank you in advance for answering this question.PS—If I did contribute too much money, do I just take it out of my Roth IRA or is there a particular form I must file?
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