RMD put in Roth IRA
Hello,
I understand that I can take my RMD from my traditional IRA, annually, and put those funds into my Roth IRA, after I pay the taxes on the RMD. Is this correct and if so can I pay the taxes from another source and put the entire RMD into my Roth IRA?
Thank You
Terry Says
That is NOT correct. You can only invest in a ROTH IRA if you have earned income in that year. And as a senior, you can only put up to $7,000 in a Roth IRA — IF you have earned that much income.
