Asked by
Derrell
|
Submitted April 17, 2017
Can I place money from my RMD into my Roth account? I will have income from a pension and a side business as well.
My first RMD's will begin in 2017.
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Answers | 1
June 26, 2017
Hi Derrell
IRS rules prohibit putting your RMD into another tax-advantaged retirement account. Have you considered converting the remaining portion of your traditional IRA assets into a Roth IRA? This may help you avoid future RMD’s. Taxes may apply.
Here is a link to IRS pub 590B for more information.
https://www.irs.gov/publications/p590b/index.html
Also, contact us directly to discuss efficient cash flows from your side business and your pension. No obligation.
It’s not what you make; It’s what you keep that determines your lifestyle.
IRS rules prohibit putting your RMD into another tax-advantaged retirement account. Have you considered converting the remaining portion of your traditional IRA assets into a Roth IRA? This may help you avoid future RMD’s. Taxes may apply.
Here is a link to IRS pub 590B for more information.
https://www.irs.gov/publications/p590b/index.html
Also, contact us directly to discuss efficient cash flows from your side business and your pension. No obligation.
It’s not what you make; It’s what you keep that determines your lifestyle.
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