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Retirement Planning Question – RMDs and IRAs

Q: I will turn 70.5 years old in 2016. Since I will be required to take a Required Minimum Distribution from my traditional IRA, after setting aside for taxes, will I be able to place the excess money in my Roth IRA?

A: Please be advised two things determine whether you can invest in a Roth IRA:

1.       Your current-year income

2.       Your tax filing status

First, you must have “earned” income. That’s income you make from working- typically in the form of salary, hourly wages, or profits from a small business. If you have earned income, you then need to make sure you aren’t going to make more than the federal government allows for Roth account holders. Once you determine these two factors, you can make a decision about investing excess money in your Roth IRA.

 


 

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