Ask Terry Questions RMD ago a Roth

RMD ago a Roth

By Terry Savage on March 15, 2024 | Financial Planning / Retirement

Hi Terry
If I take my RMD approximately $25000 with hold $5000 for taxes can I open a Roth IRA with the balance?
Regards

Terry Says

Only if you have earned income this year. And depending on your age, you can only contribute $7,000 for those under age 50 and $8,000 for those age 50 or older in 2024.
So that will leave you with some extra money.
Make sure you withhold enough money for taxes!

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