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KT: August 11th 2022

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Suze: You don't even wait anymore for me to start

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KT: Hi everybody. This is KT and this is the Ask Suze,

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KT: this is the KT will ask Suze for you anything

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KT: podcast And I'm in a great mood today because today

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KT: is Colo's birthday

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Suze: How old is he today? 44?

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KT: No, 42

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Suze: No, he is going to be 43. I told you

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Suze: I just looked it up. He's

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Suze: going to be he is today 43. You just don't

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Suze: want him to grow up on you.

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KT: Oh right he was born in '79. And then Travis was born in 1997.

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Suze: Well, we're not getting into Travis now.

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KT: No, 7-9-9-7 is for me to remember Colo's birthday.

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Suze: Travis just for all of you to know right is

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Suze: her favorite

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KT: Angel nephew. You know there's a story behind it, which

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KT: I'll share some day, but not today. But anyways, my

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KT: angel nephew talking about . We have so many presents

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KT: for him, but he can't have them yet.

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Suze: Yes, but after we do the only one that we

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Suze: buy presents for,

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KT: well we buy him things that he needs like

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Suze: shoes, sneakers

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KT: shorts because he

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Suze: cuts his shorts with the knife that he carries in

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Suze: his pockets. I

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KT: bought him a huge package of disposable razors, uses

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Suze: I thought you were going to say  disposable diapers and he's not that

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Suze: old. Oh no, no. He doesn't need that

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KT: Disposable razors he wanted, I don't know why he used

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KT: to shave with a straight edge and I think it

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KT: takes a really long time and he probably, maybe he's

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KT: finding it just too time consuming. Okay. Today is a complicated...

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Suze: Wait a second. So we asked him, what do you

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Suze: want for dinner tonight

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Suze: and you know what he said? We said we'll make

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Suze: you

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KT: anything. I thought he was going to say a big

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KT: rib eye steak because he's the only steak eater now

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KT: in the family. Meat eater.

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Suze: Meat eater and guess what he asked for, he only

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Suze: wants one thing

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KT: pepperoni pizza

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KT: and I don't eat, I don't eat pizza nor does

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KT: Suze anymore because it's gluten and we don't eat pepperoni.

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Suze: No, I don't eat pepperoni but I don't eat any,

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Suze: have a

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KT: bite of that pizza but without the pepperoni

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Suze: I will want to have a bite of that pizza,

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Suze: but I don't eat any dairy.

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KT: Suze's really gotten boring but we still love her and

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KT: now she's going to start one of the most complicated

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KT: topics of them all.

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Suze: KT, this is perfect for you.

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KT: Do not make a quizzie today

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Suze: you have a quizzie because this is on inherited. I

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Suze: R As

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KT: more complicated than like Roth.

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Suze: I have to tell you it is

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KT: then what am I doing? I'm just going to ask questions.

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Suze: That's crazy. What else do you do

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KT: know quizzies Let me...

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Suze: what does that mean? You're only going to ask questions. What

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Suze: else do you do? Give

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KT: advice

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KT: when you get a little slow? I step it up,

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KT: step it up with some advice. You

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Suze: are just as feisty as could be this morning. How

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Suze: come

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KT: I'm telling you? I need another cup of coffee. Okay

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KT: let's do it.

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Suze: She just got another haircut by the way a little

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Suze: bit ago. It's real cute and your head

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KT: it's because he puts product in and I didn't wash

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KT: it out yet but it's very short but it'll last

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KT: me until probably Labor Day weekend

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Suze: which is in two weeks. Anyway. So before we begin I

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Suze: just want

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Suze: Everybody to know this podcast is mainly for people who

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Suze: have inherited an IRA from the year 2020 and on

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Suze: if you did it before then you don't have to

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Suze: worry about it. The old rules are still

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KT: you can it doesn't apply to you

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Suze: and you should feel lucky that it,

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KT: yeah it's complicated but we're going to make it as

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KT: easy to understand as possible. That's why I'm here. That's

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KT: why

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Suze: easy. That's

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KT: why I'm here. I'm going to keep Suze on the

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KT: straight and narrow and not let her

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Suze: get don't get

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KT: okay. Are we

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Suze: ready,

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KT: Suze? Here's the first question. If a spouse inherits a

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KT: traditional IRA or 401k. Is it advisable to keep that

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KT: money separate from their own or is it best to

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KT: combine with their own traditional IRA or 401 K. So

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KT: there is just one of that type of account.

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Suze: What would you tell them, KT?

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KT: No I can't do that.

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Suze: Why not?

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KT: Because I think that it's different. Yours is yours and

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KT: you inherited this?

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Suze: Never mind. Let me just answer it for everybody. All right.

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Suze: Because when I did do the inherited retirement accounts, I

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Suze: really didn't address spouses in detail. KT. I'd like you

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Suze: to give me a little bit of time

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Suze: to really tell them what they need to know. Okay,

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Suze: so this isn't a fast podcast. This is a detailed

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Suze: podcast today. Are you willing to let me do that

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KT: go for it? Yes, of course. I want you to

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KT: tell

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KT: everyone what they need to know and not anything else

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KT: and not a minute more.

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Suze: Alright, so if you are a spouse and you inherited

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Suze: a traditional retirement account meaning that taxes have never been

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Suze: paid on it, you actually have three choices.

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Suze: The first choice is that you could remain a beneficiary

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Suze: of the I. R. A. That you inherited. Which means

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Suze: you just leave everything as it is and you have

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Suze: what is known as a beneficiary IRA. Now the question

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Suze: is why would you do this?

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Suze: Because required minimum distributions will be based on the age

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Suze: of your deceased spouse. So let's just say your deceased

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Suze: spouse was younger than you.

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Suze: They were maybe 65 when they died and you're actually

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Suze: 70 or 72 or even older.

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Suze: If you did this were you remained as a beneficiary? I. R. A.

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Suze: Then the RMDs from this account would be based on

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Suze: your deceased spouse's age and you could if you wanted

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Suze: to wait till they would have turned 72 you wouldn't

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Suze: have to withdraw money from this at all till then.

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Suze: Did that make sense KT?

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KT: The second choice?

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Suze: No it's not the second choice. The next question KT

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Suze: you would want to ask

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Suze: would be why would you not want to do this

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Suze: first choice where you remain a beneficiary of the IRA.

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Suze: Listen closely if your spouse was older than you then

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Suze: they let's say they were already 72 or older and

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Suze: they're already taking R. M. D. S. Which are what KT?

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KT: required minimum distribution.

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Suze: Right? And let's just say you were 65 and you

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Suze: don't want

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Suze: you don't want to have to take RMDs . Then

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Suze: you would have to continue to take RMDs based on

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Suze: their life expectancy. So let's say you didn't need the

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Suze: money or you didn't want to take it right now.

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Suze: You wouldn't want to do a beneficiary I. R. A.

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Suze: Now the second choice you have is to become the

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Suze: owner of the I. R. A. And this is something

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Suze: that only spouses can do.

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Suze: Now why would you want to do this? Because future

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Suze: RMDs will be based on your life expectancy and you

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Suze: won't have to begin them until you're 72. So let's

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Suze: say you're younger than your deceased spouse. And

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Suze: and you don't need the income and you want to

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Suze: postpone taking money out of the I. R. A. As

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Suze: long as possible which would be at the age of

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Suze: when you turn 72 then you would want to become

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Suze: the owner of the I. R. A. Why would you

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Suze: not want to do this simply because you are younger

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Suze: than 59 a half and you want to take money

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Suze: out of the ira to live on.

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Suze: So if you do this and you take money out

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Suze: you'll have to pay ordinary income tax on it but

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Suze: you won't have to pay a 10% penalty tax. So

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Suze: all of you might want to listen to that again

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Suze: to make sure you understand the difference. Third. You can

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Suze: roll over the inherited IRA into an existing IRA.

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Suze: So now why would you do this because you're over

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Suze: 59 a half you have an IRA in your name

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Suze: that you like and you just want everything in one

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Suze: place and why would you not want to do this

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Suze: for if you are younger than 59 a half you

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Suze: will pay a 10% penalty tax and ordinary income tax

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Suze: If you need to access this money before you turn

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Suze: 59 a half.

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Suze: So that's really actually all they need to know. But

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Suze: those are the three different ways and you should all

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Suze: make sure you understand the difference

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KT: Which one do you like the most?

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Suze: It depends KT on the age of the person, the

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Suze: age of the spouse that died. Do they have income

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Suze: needs do they not? So they need to know the

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Suze: spouse needs to know the difference between those three?

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KT: Okay, the next one. Next question is Suze. Thanks for

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KT: the great info.

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KT: I'm wondering if there's any difference in the mandatory withdrawal

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KT: rules if a trust was the beneficiary, what do you think?

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Suze: This isn't funny this topic? Why are you making me laugh?

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KT: I don't know. But your eyes are running you're laughing.

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KT: Can you wipe your eyes? She's laughing at me, trying

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KT: to get a cup of coffee.

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Suze: Serious topic of inherited

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Suze: ira's. Anyway, KT, this is also a little bit of

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Suze: a long answer but it's

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KT: a good question. Are the mandatory withdrawal ineffective and trust

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KT: is the beneficiary? I heard that. Okay, go for

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Suze: it. All right now.

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Suze: So the answer to that question is that in many

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Suze: cases a trust has to withdraw everything in at least

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Suze: five years. You don't usually have the 10 years that

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Suze: you have to take. That you have to take it out.

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Suze: Even if you're taking required minimum distributions. However, the trust

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Suze: really has to be set up correctly. It has to

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Suze: be what's known as something called like a see through

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Suze: trust or a look through trust.

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Suze: Right? And a copy of the trust must be provided

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Suze: to the trust administrator no later than October 31 following

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Suze: the death of the owner and I can go on

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Suze: and on. Then it goes into a conduit trust or

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Suze: an accumulation trust. So here's the bottom line everybody if

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Suze: you are going to leave

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Suze: a trust as your beneficiary, you better check with an

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Suze: estate lawyer that the trust is set up exactly the

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Suze: way it needs to be so that it can go

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Suze: on for 10 years rather than just five years

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KT: is mine like that.

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Suze: We don't have a trust as our beneficiary.

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Suze: I hate to tell you I'm your beneficiary

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KT: but I have a trust isn't my IRA in my trust.

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KT: No it's not.

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Suze: No. You know the answer to this question, You cannot

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Suze: own an I. R. A. In a trust because why?

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Suze: What does IRA stands for?

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KT: Individual Retirement Account

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Suze: Shake your head.

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KT: Alright okay. Next question

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KT: I'm 64 I just inherited an I. R. A. Can

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KT: it be donated... I like this question. Can it be donated

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KT: to charity to avoid paying taxes? And will that qualify

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KT: for an R. M. D.

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Suze: Well K. T. I think in this situation

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Suze: I think what this person is talking about is something

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00:13:15,600 --> 00:13:19,829
Suze: known as a qualified charitable distribution. I don't think this

239
00:13:19,830 --> 00:13:24,300
Suze: person means they want to give the entire inherited IRA

240
00:13:24,300 --> 00:13:28,460
Suze: to charity because they asked about the R. M. D.

241
00:13:28,470 --> 00:13:31,359
Suze: So that means they probably just wanted to give a

242
00:13:31,360 --> 00:13:36,100
Suze: specific amount of money in one year to offset the

243
00:13:36,100 --> 00:13:38,489
Suze: taxes of the R. M. D.

244
00:13:38,960 --> 00:13:45,630
Suze: Now a qualified charitable distribution which is known as a Q. C. D.

245
00:13:46,660 --> 00:13:51,310
Suze: Is this this is where if you are at least

246
00:13:51,550 --> 00:13:57,330
Suze: 70.5 years of age you can then give some of

247
00:13:57,330 --> 00:14:00,900
Suze: the money up to a maximum of $100,000 a year

248
00:14:01,150 --> 00:14:05,650
Suze: as a charitable deduction. So to some charity. Okay

249
00:14:05,809 --> 00:14:10,900
Suze: so you can do that. Will it also qualify for

250
00:14:10,900 --> 00:14:14,990
Suze: the R. M. D. Yep. It will, but you just

251
00:14:14,990 --> 00:14:17,620
Suze: need to know you have to be 70.5 years of

252
00:14:17,620 --> 00:14:21,290
Suze: age or older to do this. And the maximum you

253
00:14:21,290 --> 00:14:27,460
Suze: can do per year is $100,000. Next one. KT:

254
00:14:27,470 --> 00:14:29,090
KT: can I move an

255
00:14:29,296 --> 00:14:34,556
KT: inherited Roth IRA from my mom into my own Roth ira.

256
00:14:34,556 --> 00:14:36,835
Suze: No you cannot. Next question. KT

257
00:14:36,836 --> 00:14:41,056
KT: I inherited a Roth IRA. Do I have to take

258
00:14:41,066 --> 00:14:45,746
KT: RMD s like a traditional IRA under the Secure Act?

259
00:14:46,316 --> 00:14:49,716
Suze: No you don't. However you do have to wipe it

260
00:14:49,716 --> 00:14:52,756
Suze: clean within 10 years. So most

261
00:14:52,782 --> 00:14:56,372
Suze: people who have a Roth IRA that they've inherited because

262
00:14:56,372 --> 00:14:58,892
Suze: when they take it out it's tax free to them,

263
00:14:58,912 --> 00:15:02,162
Suze: they usually leave it in there as long as possible.

264
00:15:02,172 --> 00:15:06,642
Suze: Remember Roth Iras do not have RMDs . So you

265
00:15:06,642 --> 00:15:10,752
Suze: get out of them. Even when it's an inherited I. R. A.

266
00:15:10,762 --> 00:15:12,952
KT: That's another good reason for the ROTH

267
00:15:12,952 --> 00:15:16,270
Suze: my God there's so many good reasons for your ROTH baby.

268
00:15:16,760 --> 00:15:20,070
KT: So Suze. This next question is is an interesting one.

269
00:15:20,070 --> 00:15:24,560
KT: My wife is the beneficiary of a traditional IRA owned

270
00:15:24,560 --> 00:15:28,640
KT: by her sister who died this year. Did I hear

271
00:15:28,640 --> 00:15:31,440
KT: you say that because my wife is not more than

272
00:15:31,440 --> 00:15:36,100
KT: 10 years younger than her deceased sister that she does

273
00:15:36,100 --> 00:15:38,810
KT: not have to take it out in 10 years.

274
00:15:39,270 --> 00:15:40,470
Suze: What do you think KT ?

275
00:15:41,440 --> 00:15:43,780
KT: Yeah you did say that and it's true

276
00:15:43,790 --> 00:15:48,970
Suze: That's my girl. So KT and everybody else... besides a

277
00:15:48,970 --> 00:15:55,120
Suze: spouse having special privileges. There's something known as eligible designated

278
00:15:55,120 --> 00:15:59,160
Suze: beneficiaries or what's called E. G. B. S.

279
00:15:59,170 --> 00:16:04,130
Suze: So let's just say that you have a minor child

280
00:16:04,140 --> 00:16:08,160
Suze: or a beneficiary that is no more than 10 years

281
00:16:08,160 --> 00:16:12,910
Suze: younger than the person who left them. The I. R. A.

282
00:16:12,920 --> 00:16:17,470
Suze: Or the beneficiary is either chronically ill or disabled. They

283
00:16:17,470 --> 00:16:21,670
Suze: get to follow the rules prior to 2020 so they

284
00:16:21,670 --> 00:16:25,080
Suze: can stretch it out over their lifetime. However

285
00:16:25,690 --> 00:16:28,850
Suze: you have to know this. Everybody if you have a

286
00:16:28,850 --> 00:16:32,960
Suze: minor child it's got to be your child. It can't

287
00:16:32,970 --> 00:16:36,920
Suze: be a grandchild. So this will only apply to the

288
00:16:36,920 --> 00:16:41,340
Suze: deceased IRA owner's children if they are the beneficiaries

289
00:16:42,010 --> 00:17:04,810
Suze: of the I. R. A. Okay go on.

290
00:17:06,290 --> 00:17:11,169
KT: So this next question I do not have any traditional IRAs.

291
00:17:11,180 --> 00:17:14,699
KT: I do a backdoor Roth every year. However I just

292
00:17:14,700 --> 00:17:20,070
KT: inherited a traditional IRA will this count towards the pro rata rule?

293
00:17:20,790 --> 00:17:24,010
Suze: No it will not. Alright. And for those

294
00:17:24,020 --> 00:17:26,340
Suze: of you who don't know what the pro rata rule

295
00:17:26,350 --> 00:17:31,590
Suze: is radar. Alright. Who don't know what that is. Listen

296
00:17:31,590 --> 00:17:34,490
Suze: to a past podcast that if you're ever thinking about

297
00:17:34,490 --> 00:17:38,040
Suze: doing a backdoor Roth ira you better know about the

298
00:17:38,040 --> 00:17:39,879
Suze: pro rata rule. Okay go on.

299
00:17:40,619 --> 00:17:43,470
KT: So Suze, the next question is from R. J. I

300
00:17:43,470 --> 00:17:46,610
KT: thought that if the deceased person had not yet taken

301
00:17:46,609 --> 00:17:49,180
KT: an R. M. D. If they were less than 72

302
00:17:49,180 --> 00:17:53,020
KT: years old, the person who inherited the I. R. A.

303
00:17:53,080 --> 00:17:56,900
KT: Does not need to take an RMD each year but

304
00:17:56,900 --> 00:17:58,620
KT: needs to empty the account

305
00:17:59,230 --> 00:18:02,060
KT: In 10 years. Is that correct?

306
00:18:02,070 --> 00:18:05,179
Suze: That is correct. RJ, You did good.

307
00:18:05,830 --> 00:18:08,419
KT: However if the deceased persons

308
00:18:08,670 --> 00:18:11,240
Suze: Is this still from R. J. Again. Yeah.

309
00:18:11,280 --> 00:18:16,840
KT: Yeah he keeps going ready. Part two of R. J.

310
00:18:16,850 --> 00:18:22,080
KT: However if the deceased person started taking an RMD

311
00:18:22,300 --> 00:18:26,590
KT: the person who inherited the Ira must also take an

312
00:18:26,590 --> 00:18:30,669
KT: RMD each year assuming based on the life expectancy of

313
00:18:30,670 --> 00:18:34,689
KT: the person who inherited the Ira. Am I correct?

314
00:18:34,700 --> 00:18:41,180
Suze: Yes that's also correct. RJ. However it's only correct if

315
00:18:41,190 --> 00:18:42,190
Suze: the interpretation

316
00:18:42,410 --> 00:18:48,220
Suze: of the secure act from February 2022 this year holds

317
00:18:48,230 --> 00:18:51,580
Suze: if they change it by the end of this year

318
00:18:51,590 --> 00:18:55,149
Suze: then that might not be correct. So everybody let's wait

319
00:18:55,160 --> 00:18:58,800
Suze: till the end of this year to see really how

320
00:18:58,800 --> 00:19:03,310
Suze: inherited I. R. A's work? Next question.

321
00:19:03,310 --> 00:19:07,220
KT: So I'm a little confused. He keeps talking about life expectancy.

322
00:19:07,820 --> 00:19:08,310
Suze: So

323
00:19:08,640 --> 00:19:10,090
KT: Who knows how long we're going to live?

324
00:19:10,320 --> 00:19:16,600
Suze: The I. R. S. They have what's called life expectancy table.

325
00:19:16,609 --> 00:19:17,250
Suze: And what's

326
00:19:17,250 --> 00:19:19,710
KT: crazy you want to hear what you

327
00:19:19,710 --> 00:19:25,980
Suze: wanna hear? What's even crazier is that prior to 2022

328
00:19:25,990 --> 00:19:30,230
Suze: they had what's called the old life expectancy table. So

329
00:19:30,240 --> 00:19:34,680
Suze: if somebody died in 2020 and you needed to figure

330
00:19:34,680 --> 00:19:36,940
Suze: out their R. M. D.

331
00:19:37,430 --> 00:19:40,160
Suze: The way that it would be done is you would

332
00:19:40,160 --> 00:19:44,680
Suze: look at what the balance of the Ira was at

333
00:19:44,690 --> 00:19:51,370
Suze: at the end of December 31st 2020. You would then

334
00:19:51,369 --> 00:19:52,330
Suze: look up

335
00:19:52,940 --> 00:19:56,760
Suze: what the life expectancy would be on the old life

336
00:19:56,760 --> 00:20:00,160
Suze: expectancy table. And they would tell you based on whatever

337
00:20:00,160 --> 00:20:03,420
Suze: age you happen to be. And they would tell you

338
00:20:03,430 --> 00:20:05,770
Suze: what that would be and then you would be able

339
00:20:05,770 --> 00:20:08,530
Suze: to figure out you would take that number and divide

340
00:20:08,530 --> 00:20:09,620
Suze: it into

341
00:20:09,780 --> 00:20:12,260
Suze: the amount of money that was left there and you

342
00:20:12,260 --> 00:20:15,950
Suze: have to do that every year. However in 2022 they

343
00:20:15,950 --> 00:20:19,939
Suze: have what's called a new life expectancy table. So you

344
00:20:19,940 --> 00:20:22,310
Suze: all better check with the C. P. A. Because I'm

345
00:20:22,310 --> 00:20:26,460
Suze: telling you it is incredibly complicated to

346
00:20:26,480 --> 00:20:30,470
Suze: figure out how much money you actually should be withdrawing

347
00:20:30,480 --> 00:20:35,090
Suze: especially if somebody died in 2020.

348
00:20:35,540 --> 00:20:36,080
KT: The other

349
00:20:36,080 --> 00:20:39,820
Suze: thing everybody should know really KT, is that spouses who

350
00:20:39,820 --> 00:20:43,180
Suze: roll over an IRA into their own account.

351
00:20:43,609 --> 00:20:47,719
Suze: They should use the I. R. S. Uniform lifetime table

352
00:20:47,740 --> 00:20:52,190
Suze: to calculate their RMD. If the spouse becomes the owner

353
00:20:52,190 --> 00:20:55,300
Suze: of the I. R. A. Then they use the I. R. S.

354
00:20:55,300 --> 00:20:58,640
Suze: Single life expectancy table. And if the spouse

355
00:20:58,770 --> 00:21:02,540
Suze: remains as a beneficiary of the I. R. A. The I. R. S.

356
00:21:02,540 --> 00:21:06,159
Suze: Single life expectancy table is also used but for the

357
00:21:06,160 --> 00:21:10,440
Suze: deceased age. So that's used for the calculation. So that's

358
00:21:10,440 --> 00:21:13,000
Suze: another thing that you should all know if you are

359
00:21:13,000 --> 00:21:18,000
Suze: a spouse, right? But non spouse beneficiaries always use the I. R. S.

360
00:21:18,000 --> 00:21:21,740
Suze: Single life table and you can just look them up.

361
00:21:22,290 --> 00:21:23,940
Suze: Was that your last question?

362
00:21:23,950 --> 00:21:27,119
KT: There's just one more here. One more to end it

363
00:21:27,119 --> 00:21:30,580
KT: with that. And it's kind of a good question. If

364
00:21:30,580 --> 00:21:35,429
KT: my father did not designate a beneficiary on his IRA,

365
00:21:35,430 --> 00:21:36,260
KT: what the heck happens?

366
00:21:36,920 --> 00:21:38,949
Suze: Then they have to take it out once they figure

367
00:21:38,950 --> 00:21:41,860
Suze: out who the beneficiaries are going to be because it

368
00:21:41,859 --> 00:21:44,750
Suze: goes to the estate maybe at a will. But it's

369
00:21:44,750 --> 00:21:46,810
Suze: then going to have to be taken out KT in

370
00:21:46,820 --> 00:21:49,510
Suze: a five year period of time.

371
00:21:49,510 --> 00:21:51,290
KT: Everybody you've got to get

372
00:21:51,300 --> 00:21:54,090
KT: all of this. Um What you want to do with

373
00:21:54,090 --> 00:21:55,270
KT: your money straight.

374
00:21:55,430 --> 00:21:56,379
Suze: It's really has

375
00:21:56,380 --> 00:21:59,610
KT: a lot of blended families out there that really

376
00:21:59,619 --> 00:22:01,460
Suze: you got to get this together.

377
00:22:01,470 --> 00:22:04,359
KT: You've got to really look into this and just get

378
00:22:04,359 --> 00:22:06,500
KT: it down on paper and organize it.

379
00:22:06,510 --> 00:22:09,810
Suze: All right so KT, we're done only because do you

380
00:22:09,810 --> 00:22:10,930
Suze: have any more for me?

381
00:22:10,940 --> 00:22:14,670
KT: No. That's enough Suze. Enough information.

382
00:22:14,830 --> 00:22:17,790
KT: But I'm glad I asked you about you know this

383
00:22:17,800 --> 00:22:21,070
KT: um life expectancy business and who figures that out?

384
00:22:21,080 --> 00:22:23,530
Suze: KT, you're not getting out of this without quizzie.

385
00:22:23,940 --> 00:22:26,650
KT: Okay. Go for it. Make it easy.

386
00:22:26,660 --> 00:22:32,150
Suze: This one's from Michelle Pola. Alright. And Michelle you know

387
00:22:32,150 --> 00:22:36,600
Suze: has many questions but basically here are two questions for

388
00:22:36,600 --> 00:22:37,220
Suze: your quizzie

389
00:22:39,250 --> 00:22:42,760
Suze: Think about everything we just talked about... KT is sitting

390
00:22:42,760 --> 00:22:46,000
Suze: here swatting at a fly or a little bug.

391
00:22:46,010 --> 00:22:48,670
KT: It's like a little fruit fly. Okay go ahead. Ask

392
00:22:48,670 --> 00:22:49,730
KT: me Michelle's question.

393
00:22:49,730 --> 00:22:50,590
Suze: Is it aggravating?

394
00:22:50,590 --> 00:22:53,010
KT: You go for it. Michelle. What do you want to know?

395
00:22:54,300 --> 00:22:57,590
Suze: I wanna know why she's swatting all over the place here. Alright.

396
00:22:57,600 --> 00:23:02,090
Suze: How much do I have to withdraw from my father's

397
00:23:02,100 --> 00:23:06,230
Suze: inherited I. R. A. Is the R. M. D. My

398
00:23:06,230 --> 00:23:11,040
Suze: father was withdrawing when he was alive the same RMD

399
00:23:11,040 --> 00:23:12,899
Suze: for inherited accounts?

400
00:23:13,260 --> 00:23:14,750
KT: Yeah. I think so.

401
00:23:17,609 --> 00:23:18,680
KT: Is that wrong?

402
00:23:18,690 --> 00:23:21,350
Suze: It is so wrong. Have you not been listening to

403
00:23:21,350 --> 00:23:21,649
Suze: me and

404
00:23:21,650 --> 00:23:24,270
KT: Listen to it? But I thought you just keep going.

405
00:23:24,270 --> 00:23:27,830
KT: It's like 10%. But I thought you just keep go

406
00:23:27,840 --> 00:23:33,990
Suze: it's based on the beneficiaries age. Not on the father's age,

407
00:23:34,270 --> 00:23:35,450
Suze: right? We're talking about

408
00:23:35,460 --> 00:23:37,010
KT: because she's younger than

409
00:23:37,010 --> 00:23:39,590
Suze: not a spouse account. It's

410
00:23:39,590 --> 00:23:43,730
KT: a great I didn't get that Michelle. That was your daddy.

411
00:23:43,740 --> 00:23:45,700
Suze: All right. You better listen to me

412
00:23:45,859 --> 00:23:49,609
KT: I wasn't paying attention. I was figuring that was just your spouse.

413
00:23:49,609 --> 00:23:52,520
KT: And if it was the spouse, you continue it. Right?

414
00:23:52,530 --> 00:23:54,629
Suze: That depends on their age.

415
00:23:54,640 --> 00:23:56,170
KT: Alright.

416
00:23:57,190 --> 00:23:59,100
KT: Younger or older.

417
00:23:59,270 --> 00:24:04,140
Suze: Next Michelle wants to know, can she put a traditional

418
00:24:04,150 --> 00:24:08,260
Suze: inherited IRA? Can she convert it and put it into

419
00:24:08,260 --> 00:24:09,690
Suze: her Roth?

420
00:24:09,950 --> 00:24:11,010
KT: Yes,

421
00:24:11,300 --> 00:24:12,290
Suze: Positive?

422
00:24:12,300 --> 00:24:13,100
KT: Yes.

423
00:24:14,090 --> 00:24:17,070
KT: That was one of the three choices right up front.

424
00:24:17,080 --> 00:24:22,040
Suze: No, it wasn't. You are dreaming, girlfriend. You cannot put

425
00:24:22,050 --> 00:24:29,640
Suze: an inherited IRA into a ROTH and last see you

426
00:24:29,640 --> 00:24:35,150
Suze: aren't listening. Now, if a spouse takes ownership of the

427
00:24:35,160 --> 00:24:39,520
Suze: inherited IRA, the spouse can then do a conversion to

428
00:24:39,520 --> 00:24:40,050
Suze: a Roth.

429
00:24:42,170 --> 00:24:43,190
Suze: KT.

430
00:24:43,200 --> 00:24:43,940
KT: Her father.

431
00:24:44,080 --> 00:24:45,230
Suze: You're killing me here.

432
00:24:46,180 --> 00:24:48,750
Suze: You're killing me here. Is she killing all of You

433
00:24:49,380 --> 00:24:49,770
Suze: know,

434
00:24:49,780 --> 00:24:52,820
Suze: it's too late. You got to You didn't even come

435
00:24:52,820 --> 00:24:56,290
Suze: close to a Ding Ding Ding. Alright. Everybody,

436
00:24:56,510 --> 00:25:01,250
Suze: obviously, we'll be doing more answers to your questions on

437
00:25:01,250 --> 00:25:06,200
Suze: inherited Iras I'm not sure this helped you, but I

438
00:25:06,200 --> 00:25:09,500
Suze: have a feeling that it may have. Especially if you

439
00:25:09,500 --> 00:25:13,610
Suze: listen to it over and over again. Nothing else. You

440
00:25:13,609 --> 00:25:17,780
Suze: can always laugh with KT and me.

441
00:25:17,790 --> 00:25:18,919
KT: And I told Suze

442
00:25:18,930 --> 00:25:21,640
KT: I'm going to definitely die before her. So I don't

443
00:25:21,640 --> 00:25:25,070
KT: have to figure this out. You have to figure it out.

444
00:25:25,080 --> 00:25:25,820
Suze: But KT,

445
00:25:25,830 --> 00:25:27,790
KT: you're going to inherit all of mine,

446
00:25:41,340 --> 00:25:44,710
Suze: But who cares? There's really only one thing that we

447
00:25:44,710 --> 00:25:46,890
Suze: want you to remember when it comes to your money.

448
00:25:46,900 --> 00:25:49,250
Suze: And what is that Ms. Travis? Stay...

449
00:25:49,250 --> 00:25:59,609
KT: Safe. Strong and secure. And Oh, you want to add four? No. Three. Safe. Strong,

450
00:25:59,609 --> 00:26:00,219
Suze: secure.

451
00:26:00,230 --> 00:26:03,750
KT: Suze's the only one smart in this room today,

452
00:26:04,210 --> 00:26:05,700
KT: in the studio

453
00:26:05,710 --> 00:26:10,200
Suze: and with that, I'll see you on Sunday. We're gonna

454
00:26:10,200 --> 00:26:10,800
Suze: have you.

455
00:26:13,320 --> 00:26:13,889
KT: Do you think he's up yet?

456
00:26:14,500 --> 00:26:16,630
Suze: Let's go wake him up. Actually. We never go in his

457
00:26:16,630 --> 00:26:17,429
Suze: room till he comes

458
00:26:17,430 --> 00:26:18,720
Suze: out. We

459
00:26:18,720 --> 00:26:21,760
Suze: hope we'll just make noise and hopefully he'll come out. Alright,

460
00:26:21,760 --> 00:26:24,340
Suze: Everybody talk to you soon. Bye bye.