Allen, Ricky Ricky, Alabama discussed on Your Money, Your Wealth

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Six two five seven eight eight eight nine nine four six two five seven Allen let's get into some other stuff here we get Ricky Ricky's calling in from Alabama it's not great and entertaining show each week in Alabama but a big season ticket holder for Ellis you know you're still in the wrong state yeah I don't you know I'm a university of Florida grad Reggie so much just in this question right now so he's like playing both sides here share you know Alabama but a big LSU Tigers fan now I'm rocking version let's presume that I can version is done in twenty twenty one twenty twenty two and twenty twenty three tonight jun tax brackets what kind of withdrawal in twenty twenty six just the money in earnings from twenty twenty one or any amount thanks Ricky great question so this is kind of the five year clock will again is what he's getting at one piece of information that we would need Ricky is how old you are if you are over fifty nine and a half in you have never done a Roth IRA conversion or contribution twenty twenty one would start your five your client for all future conversions and contributions if you are under fifty nine and a half all right then each of your conversions would have its own five year clock in til you reach fifty nine and a half and then you would only be allowed to take the conversion amount out not the earnings until you turn fifty nine and a half there's about does that make sense it's clear every time you do it right see that's what makes perfect the Gator right there yeah I get it and then you should see that's the I think one of the big keys are you over fifty nine and a half or under because they're different rules right you gotta take it's like it's a schematic right is there because then there's different contribution rules versus conversion so let's say Ricky did it Roth IRA contribution five years ago and he's over fifty nine and a half and he doesn't convert or maybe right maybe fifty seven yeah all right so he does want to twenty twenty one when he's fifty seven twenty twenty two when he's fifty eight twenty twenty three when he's fifty nine okay so then he's just gotta wait till he's fifty nine and a half read it all it's all good on the on the conversion part I don't know because he's over fifty nine and a half it's been five years yeah it's so everything is available I thought the first one was a fifty seven you're saying you have one already if he if he had a rough irate contribution already okay got it got it just quickly check that's quick to me fairly all right now we're gonna take a break hopefully that helps Ricky chills got your money off HM seven sixty KFMB if you have an accident probably somebody else's fault but if you do remember mark motors body shop that's M. A. R. C. K. mark motors body shop and they're going to fix you up right make you happy it's what they do what they've been doing now for nearly seventy years mark motors M..

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