Roth Conversions and Qualified Charitable Distributions: Today’s Slott Report Mailbag
QUESTION:How many times in one year can a person do a Roth conversion?Thank you.ANSWER:A person can do an unlimited number of Roth conversions in a year.
5-year rule
Ghost vs. 5-Year: The Calendar Dictates
Ever since the SECURE Act created a 10-year payout rule for most IRA beneficiaries, that topic has garnered the bulk of conversation. This is understandable. Not only was the 10-year rule a brand-new payout structure, but questions swirling around application of the 10-year window remain unsettled.
QCDs and the Roth 5-year Clock: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on X: @theslottreport QUESTION: My brother passed away in May 2023. He had a small...
529 Plans and the 5-Year Rule: Today’s Slott Report Mailbag
Question:Can you please tell me if a client can transfer her required minimum distribution (RMD) to a 529 plan for a grandchild’s college and avoid paying income tax on it similar to a transfer to a qualified charity?Thanks,
The Five-Year Rule and RMDs: Today’s Slott Report Maibag
Question:In 2020 and 2021, when I was over 65 years old, I converted some of my IRA into a Roth IRA. Does the five-year rule still apply to me, or can I now draw out all of the Roth IRA without any tax consequences?
Top 10 IRA “Popular Confusions”
By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on X: @theslottreport The Ed Slott team answers thousands of IRA and work plan questions...
How the Roth IRA 5-Year Rule Works
We are often asked how the Roth IRA 5-year rule works. This is a borderline trick question because there is not one 5-year rule for Roth IRA distributions. There are actually two different 5-year rules. So, to avoid confusion, let’s talk separately about each 5-year rule.
The 5-Year Rule for Converted Roth IRA Funds
If you recently converted your traditional IRA to a Roth IRA and you under 59 ½, you will want to know about the five-year rule for penalty-free distributions of converted funds from your Roth IRA. Many people are not aware of it. Not understanding how the rule works can result in heavy penalties when you withdraw your Roth IRA funds.
Qualified Charitable Distributions and Roth IRAs: Today’s Slott Report Mailbag
Question:I have been told that QCDs are not allowed from local and state government 457(b) plans. I have looked at the accountant’s IRS manual, websites etc. and I can’t find any information that prohibits QCDs from this type of plan. Can you shed some light on this?
Employer Plans and The 5-Year Rule: Today’s Slott Report Mailbag
Question:My daughter had two employers during 2022. The first employer offered a matching 401(k) plan in which she enrolled. The second employer (her current employer) offers no retirement plan benefit. In preparing my daughter’s 2022 federal tax return on TurboTax, she is unable to take advantage of a deduction for an IRA contribution, because the 2022 W-2 from her first employer in 2022 indicates that she is covered by a retirement plan.
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