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Consolidating roth iras datingcommando com

Trick 1 - Huge Losses YTD in Roth IRASuppose you contribute k to your Roth IRA in January and it declines in value to k as happened to many in 2008.Suppose you have already maxed out all other limited tax-shelter vehicles (HSA/401k/etc) and have extra taxable savings that you wish to shelter.Patrick's Profile: During his career, Patrick has accumulated various retirement accounts but has lost track of the status of each.He is 62 years old and is thinking of retiring from his current job.He has three retirement plans with former employers [a profit sharing plan, a target benefit plan and a 403(b) plan], four Traditional IRAs, a SIMPLE IRA, two Roth IRAs, an Individual(k) plan he established when he owned his own business, and a Thrift Savings Plan he now has as an employee of the federal government.The tax treatment of a Roth IRA distributions depends on whether the distribution is qualified. However, many IRA owners are unaware of the opportunity they have to consolidate their multiple IRAs by using a “Super IRA” strategy (most common is a rollover 401k).

A non-qualified distribution that does not meet the above requirements may be subjected to income tax and/or the 10% early-distribution penalty.Retirement Professionals are registered representatives of and offer brokerage products through Wells Fargo Clearing Services, LLC (WFCS). Brokerage products and services are offered through Wells Fargo Advisors.Wells Fargo Advisors is a trade name used by WFCS and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.Are you struggling with the transition from saving to spending in retirement? Many retirees are wary of overspending but there are prudent ways to enjoy the money you've accumulated.Contribution Limits How much can you contribute to your IRA?Once you reach your required beginning date (RBD), generally April 1 following the year you turn age 70 1/2, you will begin taking RMDs from any Traditional, SEP, and SIMPLE IRAs that you have, as well as from any QRPs left at former employers.The RMD rules can be complex and penalties for not complying with the rules can be significant.Qualified distributions from Roth IRAs are tax and penalty free, but nonqualified distributions may be subjected to tax and an early distribution penalty.For a distribution to be qualified, it must occur at least five years after the Roth IRA owner established and funded his/her first Roth IRA, and the distribution must occur under at least one of the following conditions: For example, if an individual establishes a Roth IRA at ABC Brokerage in 2015 and establishes a second Roth IRA at XYZ Brokerage in 2016, the five-year period that determines a qualified distribution begins in 2015, and the five-year period begins with the first day of the year for which the first contribution is made, which, in this case was January 1, 2015.I cannot take responsibility for all of these ideas, they are a compilation of many posters including SIS and ideas from Bogleheads forum.If anyone digs up older discussions about these topics, please link them in a reply and in the quick summary section.

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