Q: If a client opens an IRA at age 75 and makes a contribution this year, this account would not have a required minimum distribution (RMD) for 2024, correct? Since the IRA did not exist last year, there is no 12/31/23 balance.
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Q: I have a 60-year-old client who has the opportunity to contribute to a Roth 401(k). Is he permitted to contribute to both his Roth 401(k) and his Roth IRA? Are there limits?
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Q: If you continue to work past age 73, are you exempt from required minimum distributions (RMDs)? My 73 year-old wife is still working and contributing to her company’s 401(k), and she doesn’t own more than 5% of the company. Is she required to take out any RMD?
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