Thank you very much for your reply, toddthebod... I always learn a lot from your posts in tax and IRA threads.You appear to be correct that he cannot do an indirect rollover to a traditional IRA of both distributions.
Yes to the RMD question.
Yes he can convert the $80k to Roth via indirect rollover/conversion. Just check the Roth Conversion box on the deposit slip: https://www.fidelity.com/bin-public/060 ... t-slip.pdf
(DO NOT ALSO CHECK THE 60 DAY ROLLOVER BOX FOR THIS CONVERSION.)
So the plan now will be to call into Fidelity (they offered to do a three-way call with him when I asked about it earlier this week... they said they get a lot of folks wanting to help older parents and it was best to have everyone on the phone), open TIRA and RIRA accounts without online access if possible, pull $120k (less RMD) from checking into the TIRA account, and send in the form and a paper check for the $80k RIRA amount.
Statistics: Posted by brew — Thu Mar 14, 2024 11:32 am — Replies 2 — Views 103