Ask Terry Questions Roth accounts

Roth accounts

By Terry Savage on September 11, 2015 | Financial Planning / Retirement

1. Can I still contribute to my Roth account although I am recently retired and will have to take minimum distributions from by traditional IRA, 401(k), 401(a), and 403(B) accounts?

2. Can I make contributions to my daughter’s Roth account?

Terry Says:  You can make a contribution to your Roth IRA as long as you have earned income  — and since you’re over 50 you can contribute up to $6500, if you have that much earned income (not dividends, or retirement income).  You are never required to take withdrawals from a Roth.

And you can make a gift to your daughter and she can put it into a Roth IRA — again as long as she had earned income, although the limit if under age 50 is $5500.

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