We’re getting lots of questions about the SECURE 2.0 change that allows annuitized IRA annuities to be aggregated with non-annuity IRA funds for required minimum distribution (RMD) purposes.
Question:
I have two questions regarding the 15-year requirement that applies to new rules allowing rollovers from 529 plans to Roth IRAs. If you change beneficiaries, will it reset the 15-year clock? Secondly, if you roll your 529 plan into another 529 plan (say Virginia plan to Nevada plan which also involves a change in custodians), does this reset the 15-year clock?
Question:
I have two questions regarding the 15-year requirement that applies to new rules allowing rollovers from 529 plans to Roth IRAs. If you change beneficiaries, will it reset the 15-year clock? Secondly, if you roll your 529 plan into another 529 plan (say Virginia plan to Nevada plan which also involves a change in custodians), does this reset the 15-year clock?
Did you make a Roth IRA contribution for 2023? If you have not, you still have some time. The deadline for making a prior year contribution is the tax-filing deadline, not including any extensions you might have. For 2023, that deadline is April 15, 2024.
The mailman delivered my son’s 2023 W-2 the other day. I was curious what he earned last year as a lifeguard at our community pool, so I opened the envelope.
Question:
Is it possible to do a Backdoor Roth IRA conversion with a SEP IRA? If yes, how does it work?
Thank you!
Yulia
The start of the new year is a good time for a refresher course on the contribution limits that apply when someone is in two different retirement plans at the same time or at different times within the same year (e.g., after changing jobs). The rules are challenging because there are two different contribution limits to worry about – the “elective deferral limit” and the “overall contribution limit.”
The start of the new year is a good time for a refresher course on the contribution limits that apply when someone is in two different retirement plans at the same time or at different times within the same year (e.g., after changing jobs). The rules are challenging because there are two different contribution limits to worry about – the “elective deferral limit” and the “overall contribution limit.”
The rules for rolling over IRA distributions can be complicated. These rules can become especially challenging at the end of the calendar year. If you are taking a distribution from your IRA at end of 2023 and considering a rollover that may not be completed until 2024, here are four facts you will want to know.
QUESTION:
I have been funding a 529 account for over 15 years and no longer need to add deposits.
Could I change the beneficiary to myself and then convert to a Roth IRA, assuming I have met the 5-year deposit hurdle as well? Has the government ruled on when the clock starts for the 15 years? Meaning, is it from when you open the account or does it restart when you change the beneficiary?
