Roth IRA contribution w/RMD funds?
I want to make sure that I am exploring all options so asking the experts!
Married clients, both retired. His only income is only social security/teacher’s retirement and RMD, her only income is pension/retirement plan. Neither have earned income.
Are there options given the above for him to use his RMD for a Roth contribution or are they unable to contribute to Roth since no earned income?
Thank you for confirming!
Permalink Submitted by Alan - IRA critic on Mon, 2021-08-09 17:52
With no earned income for either spouse, no regular TIRA or Roth contribution is allowed. A Roth conversion is allowed however without earned income, but only after the respective RMD has been distributed. The RMD proceeds could be used to pay the conversion taxes.