Taxes, Roth Conversions/Contributions, Hardship Exceptions, and Inherited IRAs: Q&A #2101

December 31, 2020

Taxes, Roth Conversions/Contributions, Hardship Exceptions, and Inherited IRAs: Q&A #2101

Jim and Chris answer listeners’ questions and discuss topics relating to taxes, Roth conversions, Roth contribution rules, hardship exceptions, and inherited IRAs.

(8:00) Bob, our in-house CPA, provides a talking point about skipping RMDs in 2020 and the possibility of a delayed tax penalty for those who withhold taxes in 2021.

(12:30) A colleague of Jim and Chris asks a question looking for clarification on the rules of Roth conversions.

(23:50) George from Washington asks how many times in one year he can move after-tax money from his 401k plan into a Roth IRA.

(28:00) A listener asks for help on a 60-day rollover and the rules about returning contribution amounts after distributing money to purchase an asset.

(40:30) An Ohioan listener wonders what exactly qualifies as an economic hardship exception in relation to 401k plans.

(53:00) A listener from Georgia asks about the distribution rules for inheriting an inherited IRA.


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Jim Saulnier and Associates | 970-530-0556 | 506 East Mulberry Street, Fort Collins, Colorado 80524

Jim Saulnier, Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC to residents of: CO, IA, IN, MA, NY, TN, TX, WI and WY. No offers may be made to or accepted from any resident outside the specific states mentioned. Jim Saulnier, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Financial Planning services offered through Jim Saulnier and Associates, LLC., a Registered Investment Advisor. Cambridge and Jim Saulnier & Associates, LLC are not affiliated.