Today TaxMama hears from David in Arizona who has a good imagination. “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?”
That’s why they are called REQUIRED minimum distributions. It’s time to transfer those funds to taxable accounts – or to spend them.
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[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS FAQs :: Retirement Plans FAQs regarding Required Minimum Distributions