Move RMD to Roth
WGN ran out of time for my text to WGN this morning. May I move my RMD taken in Feb to my Roth? I do not need the RMD, some went to a 1.5% MM and some to taxable Vanguard Total Bond Mkt Index. So I could avoid future gains by adding to my existing Roth? Our expenses are covered by my and my wife’s SS benefit, so I do not spend RMDs.
Terry Says
Talk to your custodian. If you move the money within 60 days, it could be considered a partial Roth conversion. They probably withheld, so you might as well do it that way. If they won’t rename it as a partial Roth,then tell them to consider it a rollover within the 60 days allowed, back into your traditional IRA. If they withheld taxes, it will be a credit on your 2020 return if you didn’t convert to a Roth.
And, do me a favor, and write back to me telling me how difficult/easy it was to make this transition! (Terry@TerrySavage.com.
