MRD-IRA ROTH COntribution
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- Posts: 37
- Joined: Fri Nov 04, 2011 2:37 pm
- Location: State pf Northern Virginia
MRD-IRA ROTH COntribution
I am over 70 and have a IRA MRD commencing. However, I did have a small amount of income last year. Can I still contribute to a Roth IRA for the amount of those earnings?
Re: MRD-IRA ROTH CONTRIBUTION
I think you mean RMD Required Minimum Distribution.
Income from a job? Then yes, you can contribute up to the amount of those earnings.
Income from a job? Then yes, you can contribute up to the amount of those earnings.
Re: MRD-IRA ROTH CONTRIBUTION
Doesn't have to be from a job. Alimony and certain other forms of earned income qualify as well. See Pub 550.linuxuser wrote:I think you mean RMD Required Minimum Distribution.
Income from a job? Then yes, you can contribute up to the amount of those earnings.
Yes, my 78 yo MIL takes her RMD every January and then takes a portion of it and plows it into her Roth. Or is it the money she saves from her alimony checks? I am not completely sure as dollars are fungible.