Roth IRA Conversion
I am not yet subject to RMD’s. May I OPEN a Roth IRA with funds converted from my traditional IRA, or must the funding come from earned income?
I am not yet subject to RMD’s. May I OPEN a Roth IRA with funds converted from my traditional IRA, or must the funding come from earned income?
Permalink Submitted by Alan - IRA critic on Mon, 2018-10-08 00:16
You can convert to a Roth IRA without having any earned income, but regular Roth IRA contributions must come from earned income. You could also do both in the same year if you wish. Once your RMDs begin from your TIRA, you must first complete the RMD before converting any additional amounts to your Roth IRA.