Liquidating roth ira rules

That’s okay though, because you’re not considered to have withdrawn any earnings until after you withdraw all the contributions (including conversion money).The required distributions under this rule are generally a small percentage of the overall value of the Roth IRA, so you aren’t likely to take any distributions of earnings within five years unless you withdraw more than the required amount.The income tax treatment of a Roth IRA following death is the same as before death, with three exceptions: One rule that does not change is the requirement for the Roth IRA to exist at least five years before earnings can be withdrawn tax-free.

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As a result, a beneficiary may have to pay tax on earnings withdrawals if the original owner’s death and the beneficiary’s withdrawal both occur shortly after the Roth IRA is established.There is one way Roth IRAs provide an estate tax benefit. That means the size of your estate has been reduced by the amount of tax you paid on those dollars.The result is that you have a smaller taxable estate even though the value of what you’re passing to your beneficiaries may be as great or greater than if you had a traditional IRA.If you inherit a Roth IRA from someone other than your spouse, you aren’t permitted to make contributions to the inherited IRA or combine it with any Roth IRA you established for yourself.What’s more, you have to follow the minimum distribution rules for inherited IRAs.

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