You must make up any required minimum distribution shortfall from other lump sum (non-annuitized) IRA or 401k accounts you own.Sometimes, it's easier to take care of the first year's RMD by simply removing the full RMD amount from the IRA lump sum before you convert it into an ...
During my working days, with the exception of the first few years I always contributed the maximum amount to my 401k. I wasn’t as tax savvy back then, and either wasn’t aware of the option to also contribute to a Traditional IRA or wasn’t eligible. Similarly, we hadn’t contributed...
When most people hear the term “IRA” they think Individual Retirement ARRANGEMENT, that mainstay of defined contribution retirement planning. You may have a traditional IRA, you use its cousin the Roth IRA via the backdoor, and you can even rollover your 401K or 403B from work into an IR...