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IRA Withdrawals

Discussion in 'Money & Finance Forum' started by homerun, Mar 28, 2008.

  1. Mar 28, 2008 at 10:10 PM #1
    homerun

    homerun Full Access Member

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    At the age 70 1/2 you are required to start your IRA withdrawals. Can you take this withdrawal and roll it over into a Roth IRA and pay the taxes on it?
     
    Last edited: Mar 28, 2008
  2. Mar 28, 2008 at 10:34 PM #2
    law1ng2b2

    law1ng2b2 Full Access Member

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    i dont think there is any rule that says you can't. As long as you have taxable income equal to the contribution amount (i think that is the rule) you can contribute to a Roth.
     
  3. Mar 28, 2008 at 11:04 PM #3
    Freakshow

    Freakshow Fuck you guys.

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    Yes, you can do whatever you want with it...but what are the rules for IRA contributions? Can you add to one at that age?

    I'll find out.
     
  4. Mar 29, 2008 at 12:31 AM #4
    Big Russ

    Big Russ Full Access Member

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    Provided you have at least earned income. Must have earned income to contribute to any IRA. Even then, you'd only be able to apply $6,000 grand/year. No age limit for contribution into a Roth.

    There are other tax sheltered vehicles where your earning can compound w/o paying annual cap gains. You will pay taxes on the earnings upon withdrawal, unlike the Roth.
     

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