TAXMAN Posted February 21, 2013 Report Share Posted February 21, 2013 TP 80 yrs old, no earned income gets RMD from reg IRA. Bank tells him to put it back into a Roth IRA and he does. Pays tax on the RMD. I thought you had to have earned income to even do a Roth. I believe he can convert the reg IRA as long as he pays the TAX but not the RMD amount. Am I missguided. BTW I saw the Bank statement and it plainly states Roth contribution. Opinions please. Quote Link to comment Share on other sites More sharing options...
neilbrink Posted February 21, 2013 Report Share Posted February 21, 2013 You need earned income to contribute to a Roth IRA. The RMD is a distribution and not a rollover. Someone at the bank offered incorrect information. Your analysis is correct. Quote Link to comment Share on other sites More sharing options...
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