to convert IRA tax free at 70.
I am 71 year old and I started to take my MRD from last year. I have decided not to take it.
I watched the Mr. Slott’s TV Program on WQED from 8 To 9:30 PM.
My question is for me converting IRA to Roth option is not available. Threfore Is life insurance option available? If yes how I can get in? Mr. Slott discussed Converting IRA to Roth or buy life insurance to make plan “your plan & not government plan”. I would like to know whether this option available to me or it is late. or what option I have, if any.
thanks
Permalink Submitted by Alan Spross on Fri, 2009-03-06 19:49
No matter what you decide to do, you must still take your 2008 RMD. Even if your RBD is 4/1/2009, it is still considered a 2008 RMD and has not been waived by the recent RMD relief provisions. No matter what your income is, you can convert to a Roth in 2010 if it is to your advantage, as 2009 is the last year with the 100,000 income limitation.