TAXMAN Posted February 21, 2013 Report Posted February 21, 2013 TP 80 yrs old, no earned income gets RMD from reg IRA. Bank tells him to put it back into a Roth IRA and he does. Pays tax on the RMD. I thought you had to have earned income to even do a Roth. I believe he can convert the reg IRA as long as he pays the TAX but not the RMD amount. Am I missguided. BTW I saw the Bank statement and it plainly states Roth contribution. Opinions please. Quote
neilbrink Posted February 21, 2013 Report Posted February 21, 2013 You need earned income to contribute to a Roth IRA. The RMD is a distribution and not a rollover. Someone at the bank offered incorrect information. Your analysis is correct. Quote
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