IRA Contributions, Special Needs Trusts, Roth Conversions, and Cost Basis: Q&A #2518
The Retirement and IRA Show
Jim Saulnier, CFP® & Chris Stein, CFP®
4.3 • 729 Ratings
🗓️ 3 May 2025
⏱️ 93 minutes
🧾️ Download transcript
Summary
Jim and Chris are joined by Jake and Paul to discuss tax-related listener questions on IRA contributions from self-employment income, special needs trusts, year-of-death Roth conversions, Cost Basis, and IRMAA.
(9:00) George asks how QBI and self-employed health insurance deductions affect how much he can contribute to a traditional IRA.
(20:00) Jim, Chris, Jake, and Paul respond to a question about whether creating multiple special needs trusts can multiply the $5,000 federal tax deduction.
(28:00) The guys weigh in on a year-of-death strategy involving large Roth conversions and other planning considerations for a surviving spouse.
(49:45) A listener wants to know how Form 8606 helps during retirement and when its tracking of after-tax basis becomes useful.
(57:00) George asks what documentation the IRS will accept to establish a 2001 cost basis for inherited land now worth significantly more.
(1:07:45) The team evaluates whether Roth conversions make sense for a retiree already in the third IRMAA tier.
The post IRA Contributions, Special Needs Trusts, Roth Conversions, and Cost Basis: Q&A #2518 appeared first on The Retirement and IRA Show.
Transcript
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| 0:26.7 | without first consulting your financial legal or tax advisor. |
| 0:29.6 | Financial planning services offered through Jim Solnior and Associates LLC, a registered investment advisor. |
| 0:38.3 | This is the retirement and IRA show coming to you from beautiful Northern Colorado. |
| 0:43.6 | Join us as certified financial planner Jim Sondier, as well as Colorado State University |
| 0:48.6 | Finance instructor and certified financial planner Chris Stein, teach you about IRAs, 401ks, annuities, social security, |
| 0:57.0 | pension plans, and estate planning in a fun and enjoyable show. Whether you are listening live in |
| 1:02.7 | Colorado or streaming from their website or iTunes podcast, Jim and Chris want you to know that they're |
| 1:08.5 | available to help you plan for your retirement. |
| 1:13.9 | Just visit their website at Jimhelps.com. |
| 1:17.5 | That's Jim H-E-L-P-S.com. |
| 1:20.0 | And click the Meet the Team button on the homepage. |
| 1:22.9 | Now here's Jim and Chris with today's show. |
| 1:30.3 | Well, hello and welcome to the Retirement and IRA show Q&A edition. |
| 1:33.7 | It's the first Q&A show of 2025. |
| 1:39.7 | Year is starting off fairly smoothly in our neck of the woods. |
| 1:46.6 | Hopefully you all had a nice new year's and your 2025 is starting off well. |
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