Rules for Inheritances and Making Roth Contributions for Others - 504

Your Money, Your Wealth

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