Need Tax Advice On A Roth IRA

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  #16  
Old 11-14-2020, 05:04 PM
Villageswimmer Villageswimmer is offline
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Originally Posted by tcxr750 View Post
IMO. Just remember that at age 70 1/2 you will be required to make withdrawals from your conventional IRA at percentages determined by the government wether you want to or not. The percentage goes up every year.
Time for an accountant knowledgeable in the consequences of ROTH vs conventional IRA.
No. The RMD age is now 72. There is pending legislation that could hike it to age 75.
Don’t take advice for such critical financial information on an internet site.
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Old 11-14-2020, 05:07 PM
retiredguy123 retiredguy123 is offline
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Quote:
Originally Posted by tcxr750 View Post
IMO. Just remember that at age 70 1/2 you will be required to make withdrawals from your conventional IRA at percentages determined by the government wether you want to or not. The percentage goes up every year.
Time for an accountant knowledgeable in the consequences of ROTH vs conventional IRA.
The required mimimum distribution age is 72, not 70 1/2. Check the new law.
  #18  
Old 11-14-2020, 05:18 PM
tcxr750 tcxr750 is offline
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Good news for those 70 1/2. Those RMDs will still be due wether you want to or not.
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Old 11-14-2020, 05:47 PM
retiredguy123 retiredguy123 is offline
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It's complicated, but the way the math works out, the new RMD law will delay the RMD start date by two years for those with a birthday in the first half of the year. But, it will only delay the RMD start date by one year for those with a birthday in the second half of the year.
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ira, traditional, $46k, roth, advice

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