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Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

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Subject Author Date
ira/Roth cardwellb 12-12-2006
|--> Re: ira/Roth joetaxpayer12-13-2006
|--> Re: ira/Roth Harlan Lunsford12-13-2006
Posted by Herb Smith on December 13, 2006, 10:38 pm
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 cardwellb@bellsouth.net wrote:

> Can I open a roth and put my annual required minimum
> distribution into the Roth

Not unless you have earned income or taxable compensation.
If so, your Roth contribution would be limited to either
that earned income or $5,000, whichever is less

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Shagnasty on December 13, 2006, 10:38 pm
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> Can I open a roth and put my annual required minimum
> distribution into the Roth

YES BUT..... I thought about doing the same thing, but my
income exceeds the amount elegible for a 'conversion.'.
However, even if you make over $100,000 ,you may still be
elegible to put up to $ 5000 in your Roth--If you have
EARNED INCOME. You could do this by a direct transfer from
your traditional IRA to the Roth, at least if both are with
the same broker (this would save commissions). See
http://wwwtaxman.blogspot for more details about Roth IRAs,
Required Min. Distributions and other related matters.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Phil Marti on December 15, 2006, 9:59 am
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>> Can I open a roth and put my annual required minimum
>> distribution into the Roth

> YES BUT..... I thought about doing the same thing, but my
> income exceeds the amount elegible for a 'conversion.'.

This statement is misleading. We've already established
that you cannot convert an RMD, regardless of income level.
The RMD must leave IRA-land forever.

> However, even if you make over $100,000 ,you may still be
> elegible to put up to $ 5000 in your Roth--If you have
> EARNED INCOME. You could do this by a direct transfer from
> your traditional IRA to the Roth, at least if both are with
> the same broker (this would save commissions).

What you describe is a conversion from traditional to Roth.
There is no requirement that you have earned income, and
there is no limit on the amount you can convert in any year.
Eligibility to convert is based solely on filing status (no
MFS) and Modified AGI.

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Phil Marti on December 15, 2006, 10:05 am
Please log in for more thread options
>> Can I open a roth and put my annual required minimum
>> distribution into the Roth

> YES BUT..... I thought about doing the same thing, but my
> income exceeds the amount elegible for a 'conversion.'.

This statement is misleading. We've already established
that you cannot convert an RMD, regardless of income level.
The RMD must leave IRA-land forever.

> However, even if you make over $100,000 ,you may still be
> elegible to put up to $ 5000 in your Roth--If you have
> EARNED INCOME. You could do this by a direct transfer from
> your traditional IRA to the Roth, at least if both are with
> the same broker (this would save commissions).

What you describe is a conversion from traditional to Roth.
There is no requirement that you have earned income, and
there is no limit on the amount you can convert in any year.
Eligibility to convert is based solely on filing status (no
MFS) and Modified AGI.

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>


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