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Roth Recharacterizations, Reconversions on IRAtv

Monday, October 17, 2011  No comments

We provide one final word on the Roth recharacterization deadline, letting those affected by several recent natural disasters know about their extension. We also preview a new October deadline to another important topic and the answer to the question, "when can you reconvert recharacterized IRA funds?"

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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Q:
Ed:
I have your book, but unfortunately it is at my cabin so I don't have access right now. I am inheriting a Roth IRA from my wife, who recently passed away at 65. It was converted to a Roth in December 2008.

First question: Is it better to keep it as a separate Roth IRA, or add it into my existing Roth IRA?

Second question: Do I have to take RMDs on this account now or later?

Thanks,
John in AZ

A:
Question 1. As a spouse beneficiary you have two choices, other than taking a complete distribution.

A. You can establish a beneficiary Roth IRA or
B. Make it your own Roth IRA

If you select option B you will not have to take required minimum distributions (RMDs). With Option A, you would be required to take RMDs beginning in the year the deceased spouse would have attained age 70 1/2. Option B gives you the most flexibility. You can take distributions at any time (or not). It is your option. Distributions will be tax-free. Make sure you name your own beneficiary when you select your option.

Question 2. If you make it your own Roth IRA, you could combine it with your own Roth IRA.

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