How to Do a Roth Conversion and Pay Taxes On It - 282

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 14 July 2020

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you have to transfer from a 401(k) to a traditional IRA before you do a Roth IRA conversion? Does the pro-rata rule apply? Also, the logistics of paying the tax on a Roth conversion. Plus, stimulus package updates around paycheck protection program loans, required minimum distributions and Coronavirus-related distributions from retirement accounts. Send in money questions, access the episode transcript and free financial resources, and sign up for a free tax reduction analysis: https://bit.ly/YMYW-282

Transcript

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0:00.0	Today on your money, your wealth, do you have to transfer money from a 401k to a traditional IRA
0:05.8	before you do a Roth conversion? Does the pro rata rule apply to a Roth conversion from a
0:11.2	traditional IRA that was rolled over from a 401k? Can you do a direct interplan conversion
0:16.3	from a 401k to a Roth? The fellows will also get into strategies and logistics of paying the
0:21.8	tax on a Roth conversion. And what the heck is bent crude oil? But first, there have been a few
0:27.5	updates to the provisions in the Coronavirus Aid Relief and Economic Security or CARES Act around
0:33.7	Paycheck Protection Program loans, required minimum distributions, and coronavirus-related
0:38.6	distributions from retirement accounts.
0:40.7	Got questions you want answered on the podcast?
0:43.0	Click the link in the description of today's episode in your podcast app, then hit the banner
0:47.4	that says Ask Joe and Big Al on air and send them on in.
0:51.1	I'm producer Andy Last, and here are the hosts of your money, your wealth,
0:54.7	Joy Anderson, CFP,
0:55.9	and Big Al Clopine CPA.
0:58.4	We got Renee from Los Angeles.
1:00.5	Let it.
1:01.2	Oh, L.A., huh?
1:02.1	Yeah.
1:03.7	Will there be renewing
1:06.3	or extending the CARES Act?
1:08.5	Will they?
1:09.6	Who's they?
	...

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