#227 - Q&A edition...Roth conversions, IRA basis tracking & Form 8606, Alternative Minimum Tax credits, Fixed Indexed Annuities & IRA RMDs, and MORE!
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Listener Q&A where Andy talks about:
- A correction about the previously discussed topic of contributing to a child's Roth IRA if they have earnings but don't file a tax return and don't have the earnings reported on a W-2 ( 3:52 )
- A follow up on a previously discussed question of whether it's better to pay $27k of tax to do a $100k Roth conversion, or to contribute $27k to an employer Roth account via the mega backdoor Roth contribution approach ( 7:26 )
- A clarification about a previously discussed question regarding taking money out of a government 457 plan prior to age 59 1/2 ( 10:08 )
- How pro rata works when doing a Roth conversion out of an IRA that has a mix of after-tax contributions, aka "basis," and pre-tax money such as earnings, and whether the IRA with the basis should be fully converted away before rolling in pre-tax money from a 401(k) ( 14:20 )
- Whether to take money out of a Roth account or a pre-tax/tax-deferred account, and why ( 22:07 )
- How to apply the Alternative Minimum Tax ("AMT") credit, if you have any such credit from having had to pay the AMT in prior years ( 27:52 )
- How to address and fix Form 8606 if prior year's versions weren't correct ( 33:22 )
- How the withdrawals from a Fixed Indexed Annuity, purchased with pre-tax IRA money, with guaranteed withdrawal rider factor into calculating and meeting Required Minimum Distributions ("RMDs") across the rest of your non-annuity IRAs ( 38:50 )
- His thoughts on Transfer on Death, or TOD, beneficiary designations for real estate. And considerations when in a state that doesn't allow TOD on real estate but instead allows things such as Life Estate Deeds (such as in New Jersey) ( 48:46 )
- His views on using Collateralized Loan Obligation ("CLO") ETFs that are rated AAA and pay higher interest than savings accounts or Treasury Bills, as cash equivalents in lieu of using savings accounts or Treasury Bills ( 59:26 )
To send Andy questions to be addressed on future Q&A episodes, email [email protected]
Andy's LinkedIn profile: https://www.linkedin.com/in/andypanko/
Links in this episode:
- Andy's YouTube video - IRA After-Tax "Basis," the Pro Rata Rule and Form 8606
- Andy's YouTube video - What is a Fixed Indexed Annuity with Income Rider?
- Tenon Financial monthly newsletter/blog - Retirement Planning Insights
- YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
- Retirement Planning Education website - www.RetirementPlanningEducation.com
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