On December 20, 2023, the IRS issued Notice 2024-02, which includes guidance on 12 provisions of the SECURE 2.0 legislation. The December 27 Slott Report, written by Sarah Brenner, has a summary of the guidance on several of those provisions. This article will address the guidance on Roth employer contributions to 401(k) and other plans.
Question:Starting in 2024, if you have a 529 plan you can potentially roll it into a Roth IRA if certain requirements are met. Could the 529 plan also go into a Roth employer plan?Thank you.
Question:Starting in 2024, if you have a 529 plan you can potentially roll it into a Roth IRA if certain requirements are met. Could the 529 plan also go into a Roth employer plan?Thank you.
In 2024, more Americans than ever before will reach age 65. By this summer, 12,000 baby boomers will celebrate their 65th birthday each day. This demographic milestone has been called “Peak 65.” If you are in this group, what does Peak 65 mean for your IRA?
We hear it all the time. “If your income is too high for a direct Roth IRA contribution, just do a Backdoor Roth. Easy-peasy!”Not so fast, my friend. A Backdoor Roth IRA transaction is like a musclebound hotel bellhop – it can carry a lot of baggage. However, before we can discuss said baggage…
Question:Hoping you can help with this technical question. I am over 73. My traditional IRA balance as of 12/31/22 was $0.00. I made a $7,500 non-deductible traditional IRA contribution in 2023 and converted the full balance ($7,508.23, including $8.23 of interest) to a Roth IRA in 2023. I did not do an RMD prior to the conversion, but I did not have a traditional IRA balance at the end of 2022 and my 2023 traditional IRA contribution was non-deductible.
When the bell dropped in Times Square last Sunday night, a bunch of new provisions from the SECURE 2.0 legislation kicked in. This article will focus on the Roth-related changes that are effective in 2024.
QUESTION:If the grandkids who inherited an IRA are under the age of majority, when does the 10-year rule for emptying the account begin? At the death of the IRA owner, or when they reach the age of majority?Thanks,
On December 20, the IRS gave us the holiday gift of some guidance on a few provisions from the SECURE 2.0 Act. Notice 2024-02 is in a question-and-answer format and provides much needed clarification on SECURE 2.0 provisions, some of which are already in effect, and others which will come online in just a few short days in 2024.
Question:I have a traditional IRA with a portion being nondeductible contributions. The last nondeductible contribution I made was in 2009. and I have my Form 8606 showing the basis. I want to convert a portion of my traditional IRA to a Roth IRA. Can I convert all of the nondeductible amount plus some of the before-tax contributions to a Roth IRA? I have never taken any distributions from my traditional IRA. I'm 52 years old.Thanks,Jeff
