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ROTH CONVERSIONS AND SIMPLE IRA RMDS: TODAY’S SLOTT REPORT MAILBAG

Thursday, July 18, 2024

By Ian Berger, JD
IRA Analyst



Question:

One of our clients wants to cash out his IRA and then roll it into a Roth IRA
within 60 days. Can this be done directly, or does it have to be rolled back
into an IRA first and then converted?

Thanks,

Samuel

Answer:

Hi Samuel,

A Roth conversion can be done through a direct rollover to the Roth IRA or a
60-day rollover. However, not all custodians will allow the 60-day rollover.

Question:

I read in your book that if I’m still working and reach age 73, I don’t have to
withdraw required minimum distributions (RMDs) from my 401(k). But I do have to
draw them from my IRAs.

What if I have a SIMPLE IRA at my work?  Do I have to withdraw from that while
still working?

Thanks,

Chris 

Answer:

Hi Chris,

SIMPLE IRAS are tricky because they are sometimes treated like IRAs and
sometimes treated like company plans. For the RMD rules, SIMPLE (and SEP) IRAs
are treated like IRAs. So, you will need to start RMDs from your SIMPLE at age
73. This is true even if you can delay RMDs from your 401(k) under the
“still-working exception.”

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