You can convert a TIRA to a Roth at any age you wish. However, in RMD years you MUST take out your RMD prior to doing the conversion. The reason for this is that the first distribution in a year is deemed to be the RMD, and you cannot convert or rollover the RMD. Therefore, you would take out your RMD and then you can take another distribution in any amount you wish to convert it to a Roth IRA.

The first year for RMDs is the year you turn 70.5. Although that first RMD can be delayed until 4/1 of the following year, if you want to convert in the year you turn 70.5, then you must take out the RMD before the conversion. This means that you may have to move up your RMD distribution OR delay your conversion so that the RMD comes out first.

Obviously, the suspension of RMDs for 2009 adds another wrinkle. In 2009, no one has to worry about RMDs and therefore can convert anytime they want.

Not sure I follow your specific age reference to 71.5 rather than 70.5. But here is another example:
1) Your turn 70.5 in 2008 and take your first RMD in 2008 OR by 4/1/2009 (for 2008 distribution year)
2) For 2009, your RMD is suspended
3) In 2010, you wish to convert, but you must take an RMD in 2010. Therefore, you take your 2010 RMD and THEN you can process your conversion
4) Because you converted in 2010, even though you are not taxed on it until 2011 and 2012, the conversion amount is still OUT of your TIRA as of 12/31/2010. This will make your 2011 RMD lower because your conversion reduced the balance that your 2011 RMD is based on. Of course, in 2011 you will be taxed on your 2011 RMD plus 50% of your 2010 conversion.

You can opt out of the 50-50 deferral on a 2010 conversion if you want to. You would then report the entire conversion in 2010.
Note that I do not expect Congress to extend the RMD waiver for 2010, but it is still a possibility.

Hope this answers your question. If not, please respond.

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