Question for the Money Doctors

Question submitted on Apr 16, 2012.

Question

Can I convert my Minimum Requred Distribution from my IRA into a Roth IRA?

Answer

Required minimum distributions (RMD) are not able to be converted to a Roth IRA.  However, if you would like to convert any amount beyond the RMD to a Roth you can do so.  You can also use your RMD to help pay any tax on any amount you convert to a Roth after the RMD is taken.  Amounts converted to a Roth IRA are not subject to RMDs during the your lifetime.

If you need assistance in evaluating if this makes sense for your situation, a CPA, PFS can help - visit www.findapfs.com to find a CPA,PFS in your area.

For additional information visit http://www.360financialliteracy.org/