The Listen to Lawrence Letter: Confusion with IRAs

October 4, 2024
October 1, 2024 • Volume 5 Issue 283
Confusion with IRAs…read on:

CLIENT QUESTION:

If I have multiple Roth IRAs at several different banks, all opened at different times, in different years, does the 5-year lookback vary per IRA? Or, does the 5-year lookback start with the creation of the oldest Roth IRA and does that lookback then apply to all my Roth IRAs at the different banks?

MY RESPONSE:

There is a 5-year lookback when you transfer assets out of your name. Your IRAs are in your name and therefore no lookback is triggered. Nothing is transferred. In addition, I do not care how many IRAs you have, I do not care what type of IRAs they are, and I do not care at what bank or other financial institution you have your IRAs. If they remain in your name there is no lookback (repeated for emphasis)!

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