Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19262  
Subject: Re: IRA/ Keogh Date: 2/29/2000 6:10 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings, Jlrob, and welcome. You asked:

<<I am retired an taking minimun distributions. Am I locked into benificiaries and converting to Roth? Can you reccomend a publication.>>

If you are age 70 1/2 and are taking mandatory minimum required distributions (MRD) from an IRA, then you are locked into the method you chose for the MRD. If that method involved using the joint life expectancy of you and a beneficiary, then you are also locked into the use of the life expectancy of that beneficiary. You may still change the beneficiary, but you cannot use the new beneficiary's life expectancy for your MRD calculation in future withdrawals.

You may also convert your IRA to a Roth IRA provided you meet the adjusted gross income level for doing so. BUT -- You must take and be taxed on the MRD in the year you convert. The MRD may not be transferred to the Roth. After you have taken the year's MRD, you may then convert what's left in the IRA to a Roth IRA.

IRS Publication 590 (Individual Retirement Arrangements) is the publication that governs MRD and conversions. You can download it at http://irs.gov.

Regards..Pixy
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Value Hounds

Back to the Future Buffalo Wild Wings
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement