haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Good article today on the Fidelity website about MRDs from one's deferred tax accounts.
https://news.fidelity.com/news/arti...g-the-most-of-MRDs&topic=living-in-retirement
Here is a little gotcha that I didn't know about:
If you’re already taking MRDs, it’s not too late to convert and reap the benefits of a Roth IRA. But be careful, warns Leon LaBrecque, a certified financial planner and managing partner of LJPR, a wealth management firm in Troy, Mich., because you’ll still have to take an MRD in the year you convert. LaBrecque suggests using the proceeds of your MRD to pay the tax on the Roth conversion.
“Just be sure you take the MRD first, before you do the conversion,” says LaBrecque. Moreover, before you make the switch be sure to take into account what effect, if any, it could have on your overall tax situation.
My MRD plan is to take the years requirement in equal monthly installments starting in January, but if markets should tank and I want to do an immediate conversion, broker will withdraw the balance of the years requirement stat, leaving me clear to do the conversion without conflict with MRDs.
Ha
https://news.fidelity.com/news/arti...g-the-most-of-MRDs&topic=living-in-retirement
Here is a little gotcha that I didn't know about:
If you’re already taking MRDs, it’s not too late to convert and reap the benefits of a Roth IRA. But be careful, warns Leon LaBrecque, a certified financial planner and managing partner of LJPR, a wealth management firm in Troy, Mich., because you’ll still have to take an MRD in the year you convert. LaBrecque suggests using the proceeds of your MRD to pay the tax on the Roth conversion.
“Just be sure you take the MRD first, before you do the conversion,” says LaBrecque. Moreover, before you make the switch be sure to take into account what effect, if any, it could have on your overall tax situation.
My MRD plan is to take the years requirement in equal monthly installments starting in January, but if markets should tank and I want to do an immediate conversion, broker will withdraw the balance of the years requirement stat, leaving me clear to do the conversion without conflict with MRDs.
Ha