Inherited IRA and Roth IRA
I have two inherited IRAs. My dad died in 2003 at the age of 78. I have been taking yearly distributions from that IRA. My mom died in November 2020. I have not taken any distribution from her IRA since it falls under the new rules. I would like to slowly withdraw from the IRAs and put those distributions in a small Roth IRA that I have. Can I do that? A financial planner once told me that I can only contribute to a Roth IRA if I am working. I retired in 2015 and had a part-time job until last year. I am not currently employed.
Thanks for your help with this!
Terry Says
Your planner was correct. You cannot contribute to an IRA unless you have income from work. Take the money out as required and just put it in a CD, or buy Treasury Bills. https://www.terrysavage.com/t-bills-beat-cds/
