Q:
If an 80-year-old
converts his IRA
to a Roth account
and dies the
following year,
when can the
beneficiaries
begin withdrawing
money tax-free
from the Roth? Do
the beneficiaries
have to wait for
the expiration of
the 5-year period
following the
conversion?
Answer
Q:
I turn 72 this
year.I am getting
notices from my
many IRA
custodians that
they want a waiver
on file if I am
NOT using my
account for the
RMD (i.e., I am
taking it
somewhere else).
They make it sound
like if I do not
contact them, that
they will
automatically cut
me a check for the
required RMD
amount.How can
that be? Don't
custodians have to
have permission or
instructions to
make such
distributions?
Answer
Q: 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?
Answer
Q:
I am 66 years old
and live on Social
Security and other
retirement income.
Additionally, I
have money in
pre-tax 457(b)
funds that I do
not need for
current expenses.
Are these funds in
the pre-tax
retirement
accounts eligible
for Roth
conversion? Can I
withdraw funds
from the 457(b)
account and
deposit them in a
Roth IRA? Must I
have current
compensation to do
a Roth conversion?
Answer
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