Q:
In
December of 2018 I did my first
partial Roth IRA conversion into a
new Roth IRA. I'm older than 59 ½.
In December
of 2019 I did my second partial Roth
IRA conversion into the same Roth
IRA opened in December of 2018. The
traditional and Roth IRA's are held
at the same company, so the
conversions are easy. Does the
5-year waiting period apply to each
conversion, or just the first one?
Answer
Q:Client
made a 2020 non-deductible $6,000
IRA contribution and immediately
converted to Roth in 3/2020. Roth
was invested in travel sector and
plummeted from $6,000 to $2,300.
Client panicked, sold the stock and
took a premature withdrawal,
thinking he could just redeposit the
$2,300 along with $3,700 more into a
Traditional IRA for 2020, and redo
the entire transaction as if the
first one never happened.
Since that
is not an option, he is now beyond
the 60-day redeposit window. Does
the CARES Act apply to Roth IRAs,
thereby allowing him to at least
redeposit the $2,300 back into the
Roth?
Answer
Q:
My client is 85 years old.
He took his 2020 RMD on 1/08/2020.
He died in April 2020. Can we put
his RMD back into his IRA?
Answer
Q:
Client has a Thrift Savings
Plan and took RMDs in January,
February and March of 2020. Client
then rolled the balance of the TSP
into an IRA. Question is whether or
not he can "repay" those RMDs to the
IRA under Notice 2020-51.
Answer
Q:
My
son is attending college. I plan
on using my IRA to pay off his
school debt. I'm old enough to
avoid penalty, but do I get any
tax break for using it for
education?
Answer
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