ROTH IRA — convert at age 79?
We are retired, 79yrs old and wonder can we move money from our IRA into a ROTH?
Terry Says
Consult your tax advisor first. You need to have money OUTSIDE the IRA to pay the taxes — or it doesn’t make sense. And it looks like tax brackets will stay low (after the election) so there might not be much of an advantage to doing this. AND, a big increase in taxable income could impact the amount of your Medicare Part B premiums!
I think you probably want to leave things as they are — and just keep taking your RMDs and paying income taxes on that money as you withdraw.
