Roth IRA 5-Year Rules: How to Withdraw Money With No Taxes or Penalties - 404

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

🗓️ 15 November 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joe and Big Al clarify once and for all those 5-year clocks for withdrawing money from your Roth accounts. How do the 5-year Roth IRA rules impact the taxation of dividend income? Do the 5-year rules for Roth withdrawals impact thrift savings plan (TSP) to Roth conversions as well? Plus, why contribute to a Roth in the first place and lose today’s tax savings? Joe and Big Al rise to that challenge and they discuss Roth conversions and required minimum distributions from an inherited IRA. Show notes, free financial resources, transcript, Ask Joe & Big Al On Air: https://bit.ly/ymyw-404

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 404, Joe and Big Al clarify once and for all those five-year Roth clocks for withdrawing money from your Roth accounts.
0:10.2	Just how do the five-year rules impact the taxation of dividend income?
0:14.9	Do they impact TSP to Roth conversions as well?
0:18.4	Plus, why contribute to a Roth in the first place and lose today's tax
0:22.5	savings? Joe and Big Al rise to that challenge, and they discuss Roth conversions and required
0:27.6	minimum distributions from an inherited IRA. Visit Your Money, Your Wealth.com, and click Ask
0:33.1	Joe and Big Al on air to send in your money questions. I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, C-F-P, and Big Al-Cloapine CPA.
0:44.6	We've got Elisa, Alisa, Alisa.
0:47.1	Alisa?
0:47.9	Elisa.
0:48.5	Yep.
0:49.9	E-L-I-S-A.
0:51.0	That is not Alyssa.
0:52.4	Elisa.
0:53.2	Alisa.
0:56.1	It could be Elisa or it could be Alyssa.
1:05.9	You like Al-L-L-Reymont, California. Hey, Joe, Big Al. Still worried about the five-year conversion rule. Former Fed employee converting TSP traditional every year since 2020, age 63.
1:12.0	I keep reading.
1:13.4	Five-year rule applies to each and every conversion in the clock start for each one.
1:19.2	Please clarify the conflicting info once and for all.
1:24.1	I drive a 2020 Honda Insight and have a Yorkie poodle. Red wine, please. Love the show.
1:30.8	You make finance fun. She's 60 or at least size 63. So that's correct. Oh, man, a five year
	...

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