Today TaxMama hears from David in Arizona who has a good imagination.
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“When required minimum distributions for standard IRA accounts begin, can distributions be transferred to Roth-IRA, considering no wage income is available for the year of transfer?
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”
Dear David,
No.
That’s why they are called REQUIRED minimum distributions.
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It’s time to transfer those funds to taxable accounts – or to spend them.
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https://www.irs.gov/retirement/article/0,,id=96989,00.html
You couldn’t make this kind of a transfer, even if there were wages available. In fact, if you are at an age where Required Minimum Distributions are necessary, you are too old to contribute to any retirement IRAs.
Good try, though.
And remember, you can find answers to all kinds of questions about IRAs and other tax issues, free. Where? Where else? At TaxMama.com
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- IRS FAQs :: Retirement Plans FAQs regarding Required Minimum Distributions
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