Taking extra money out of IRA
The wife and I take the standard deduction (which is $24M) The only income we have is SS, which is not taxed and approx $ 9M income from dividends, interest , including our RMD’s. I know that we can’t put the RMD’s into a Roth IRA, but can we withdraw an additional $13M from our regular IRA to put into a ROTH ? I’m figuring that we will have 13M ( $24M – 9M) of unused standard deduction that we could use before owing any tax. Is this possible ? Thank you.
Terry Says
Nope. YOu can take as much money as you want out of your IRA. But none of it is considered “earned income” for purposes of making a Roth IRA contribution.
