This is my first year taking RMD. I do not need the money. I read the Bogleheads wiki on Roth Conversions, but was looking for some clarity.
1) Am I allowed to convert the RMD withdrawn amount to a Roth IRA contribution?
2) Are there any downsides to doing this? (If I do not need the money, it seems like a freebie)
3) If I already took the RMD, can I still put that amount into a Roth in the same year? Or does it need to be part of the same transaction?
Thanks!
1) Am I allowed to convert the RMD withdrawn amount to a Roth IRA contribution?
2) Are there any downsides to doing this? (If I do not need the money, it seems like a freebie)
3) If I already took the RMD, can I still put that amount into a Roth in the same year? Or does it need to be part of the same transaction?
Thanks!
Statistics: Posted by magua — Sun Jun 09, 2024 2:35 pm — Replies 15 — Views 735