IRAs

One of the questions I get alot are from people who have a great deal of money bult up over the years and they want to fund a Roth IRAs by doing conversions from their traditional IRA to a Roth IRA and/or making yearly Roth contributions.

While you can’t deduct the contributions you make to a Roth IRA, the money in the account grows tax-free. Of course, as with most things concerning taxes, there are some rules to prevent from cheating the system. In brief, you are subject to the five-year rule and withdrawals have to be after age 59½ to be not taxable and prevent penalties.  

Prior to 2020, a "Stretch IRA" was used to extend the tax-deferred status of an inherited IRA  when it passed to a non-spouse beneficiary (i.e. children and/or grandchildren).   This way you could pass an IRA down to the next generation and beneficiaries would enjoy the tax benefits of an IRA over their respective lifetimes.