Roth IRA: 2024 IRA Contribution Limits | Beneficiary Designation Inherited IRA. This video covers the following questions:
Roth IRA
roth ira conversion and tax implications for beneficiaries
2024 ira contribution limits
2024 ira contribution limits
ira contribution limits 2024
how are rmds calculated?
required minimum distribution rules
minimum distribution
cpa recommendations for roth conversions
beneficiary designation inherited ira
rmd start age for iras?
why aren’t rmds applicable to roth iras?
roth ira conversion and managing investment volatility
consult tax professional for inherited ira?

#rothira #rmd #rothconversion

Hey everyone!, where we break down all things money. Today, we’re diving deep into the world of Roth IRAs, making it simple for you to understand the Roth IRA contribution limits, conversion options, inherited IRAs, and those often-dreaded Required Minimum Distributions (RMDs), and how your income impacts it all.

▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬
0:00 – Intro
0:28 – Roth IRA
2:34 – Contribution Limits
4:17 – Conversion
5:59 – RMD
6:42 – Inherited IRA
9:04 – Feedback

📊 Data sources: NerdWallet and Forbes.
Thanks to Manim Community.
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Please remember that our calculations are based on external data that may be subject to inaccuracies, and we are not responsible for any consequences. Perform your research and due diligence….(read more)

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As we approach the year 2024, it’s important for individuals to be aware of the current IRA contribution limits and rules, particularly when it comes to Roth IRA accounts and Inherited IRAs.

The Roth IRA is a popular retirement savings vehicle that offers tax-free growth and withdrawals in retirement. One of the key benefits of a Roth IRA is that contributions are made with after-tax dollars, meaning withdrawals in retirement are tax-free. In 2024, the contribution limit for Roth IRAs remains unchanged at $6,000 for individuals under 50 years old, with a catch-up contribution of $1,000 for those aged 50 and over.

It’s also important to note that there are income limits for contributing to a Roth IRA. In 2024, the income limits for single filers phase out between $129,000 and $144,000, and for married couples filing jointly, the phase-out range is between $204,000 and $214,000.

In addition to Roth IRAs, individuals may also inherit an IRA from a deceased loved one. When inheriting an IRA, it’s important to be aware of the rules and options available. Inherited IRAs have required minimum distributions (RMDs) that must begin by December 31 of the year following the original owner’s death. The distribution schedule is based on the age of the beneficiary and there may be penalties for not taking the required distributions.

Inherited IRAs also have different rules for spouses versus non-spouse beneficiaries. Spouses have the option to roll over the inherited IRA into their own account, while non-spouse beneficiaries are required to take distributions based on their life expectancy.

Overall, as we look ahead to 2024, it’s crucial for individuals to understand the rules and limits that apply to their Roth IRAs and Inherited IRAs. By staying informed and taking advantage of these retirement savings vehicles, individuals can set themselves up for a secure financial future.