Rules for Inheritances and Making Roth Contributions for Others - 504
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 19 November 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
Can Ted and Georgette convert $1.6M in an inherited trust to Roth without distributing it? Should the trust own their home so they can use the home equity? Melissa was added as joint owner on her parents’ bank accounts after a medical event, but what have they done? Should Ralph and Alice use the required minimum distribution from their inherited IRA to pay Roth conversion taxes? That’s today on Your Money, Your Wealth® podcast 504 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, can Theodore contribute to a his wife Louise’s Roth IRA? Can Marc make Roth contributions for his grandkids? Also, Joe and Al come up with a very unique way that John may be able to pay the tax on his Roth conversion using his home equity. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-504
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Timestamps:
00:00 - Intro
01:00 - Can We Convert an Inherited Trust to Roth Without Distributing It? Should the Trust Own Our Home? (Ted & Georgette Baxter, Madison, WI)
10:02 - Watch 10 Tax-Cutting Moves to Make Now on YMYW TV, Download the Top 10 Tax Tips Guide before this Friday!
11:08 - I’m Joint Owner of My Parents’ Bank Accounts. What Have We Done? (Melissa, Rockport, TX)
16:35 - Can I Contribute to My Wife’s Roth IRA? Can I Max Out Multiple Roth Accounts? Should We Do Roth Conversions? (Theodore & Louise, Seattle, WA)
23:43 - Should We Use Inherited IRA RMD to Pay Roth Conversion Tax? (Ralph & Alice Kramden, SC)
27:35 - Can I Fund Roth IRAs for My Grandchildren? (Marc, Encinitas)
28:40 - Watch the Cybersecurity Webinar on demand, Download the Identity Theft Guide
29:32 - Should We Maximize the 24% Tax Bracket With Roth Conversions This Year and Next? (John)
37:55 - Outro: Next Week on the YMYW Podcast
Transcript
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| 0:00.0 | Ted and Georgette in Madison, Wisconsin have inherited $1.6 million in a trust. |
| 0:06.2 | Can they convert that money to Roth without distributing it? |
| 0:09.7 | Should the trust own their home so they can use the home equity? |
| 0:13.1 | Melissa in Rockport, Texas was added as joint owner on her parents' bank accounts after a medical event. |
| 0:18.9 | But what have they done? |
| 0:20.5 | Should Ralph and Alice in South Carolina use the required minimum distribution from their |
| 0:24.6 | inherited IRA to pay Roth conversion taxes? |
| 0:27.6 | We'll find out today on your money, your wealth podcast number 504. |
| 0:31.6 | Plus, can Theodore in Seattle contribute to his wife, Louise's Roth IRA? |
| 0:36.6 | Can Mark and Encinitas make Roth |
| 0:38.9 | contributions for his grandkids? And finally, John would like Joe and Big Al's viewpoints on his |
| 0:44.2 | Roth conversion strategy, and the fellas come up with a very unique way that John may be able |
| 0:49.3 | to pay the tax on it. I'm executive producer Andy Last, and here are the hosts of your money, |
| 0:54.8 | your wealth, Joe Anderson, CFP, and here are the hosts of your money, your wealth, |
| 0:59.0 | Joe Anderson, CFP, and back from Hawaii, Big Al Clopin's CPA. |
| 1:03.9 | I was in Arkansas last week, Big Al, while you're in Hawaii. Yeah. I don't know. What do you think is a little bit better? Hawaii or Arkansas? That's a tough call. If I had to pick, |
| 1:08.9 | I personally would pick Hawaii. Yeah, it's a toy cost. |
| 1:12.1 | Coin toss. We're answering your money questions. Go to your moneywalt.com. Click on that special |
| 1:18.8 | offer. We can. Click on Ask Joe and Bigel on air and ask your money question. |
| 1:23.1 | Yeah, not the special offer. We're giving anything related. I mean? I mean, you can click on the special offer if you want. |
| 1:29.0 | You can download a white paper. |
| 1:30.2 | But if you want a question answer, click Ask Joe and Big Al. |
... |
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