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- SEP and Traditional IRA (TIRA) conversion to Roth IRA and Form 8606
Fact Pattern: 2013 employer contribution to SEP IRA Jan 2014 non-deductible TIRA contribution (for 2013 tax year) 2013 individual return included Form 8606 showing Jan 2014 non-deductible TIRA contribution and therefore basis of that amount on line 14 Jan 2014 Roth conversion of SEP and TIRA Basically Roth conversion of balances in SEP (2013 employer contribution) and TIRA (Jan 2014…
- Non deductible contrib to TIRA but MAGI to high for Roth.
Hello, A client made an earlier deposit into her TIRA only to discover she made too much money Her MAGI is too high for a Roth conversion They obviously don’t want the burden to calculate the exemption amount when they withdraw funds The fund company stated to establish a new TIRA and transfer the 6500 Is this the best way? Am I
- Spouse not the sole beneficiary of Roth IRA
Reg for Roth IRA RMDs follow those for TIRA RMDs with respect to beneficiary RMDs, and TIRA RMDs generally follow the rules for qualified plans except where stated otherwise IRS Reg 1 408A-6 contains a paragraph on Roth RMDs where any exceptions to the TIRA rules are stated Of course, the main exception is that no RMDs apply to account owners
- Back door Roth IRA - Ed Slott and Company, LLC
That leaves only the non deductible contribution balance in the TIRA, which can be converted tax free to a Roth IRA This strategy is used routinely for back door Roths Of course, if your employer plan (usually a 401k) has poor investment options and high expenses, you probably would not want to roll your TIRA into that plan Flag as spam
- Roth Conversions - Ed Slott and Company, LLC
The taxable portion of these conversions are calculated on Form 8606 in reporting these conversions It is also used to report the non deductible TIRA contributions If there is no prior TIRA balance, these non deductible contributions and whatever earnings they develop could be converted every year taxfree accept for the earnings portion
- Inherited IRA Before and After 2019 (Stretch No Stretch)
Adult child is the only named beneficiary in mother's TIRA Mother passes in 2019 Child opens inherited IRA and receives funds from mother's IRA Father of same child passes in 2023 Again, child is sole beneficiary in father's TIRA Can child place funds received from second IRA in same account that was established in 2019? Yes No? Why Why not?
- Traditional conversion to Roth - Ed Slott and Company, LLC
The rollover balance must be included in the calculation One potential solution here to avoid taxes on the conversion would be to roll the balance of his non Roth IRAs in excess of his basis to his current employer plan Then he could convert the 5,500 or any other basis in his TIRA tax free Flag as spam; Log in to Reply
- Inherited IRA to ROTH via traditional IRA - Ed Slott and Company, LLC
2 Day IRA Workshop Live Advisor Training with America's IRA Experts Help your clients take financial control, avoid unnecessary taxes and combat the latest threats to their retirement savings
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