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Greetings, mayku, and welcome. You asked:

<<My parents have both reached age 70 1/2 and conseqently have begun to take mandatory distributions from their Ira monies. Would it be possible to convert any of their Ira's to Roths now that they have surpassed the arbitrary 70 1/2 years of age threshold?>>

Yes, but it must be done with care so they do not fall into an IRS tax trap. They must take the mandatory yearly minimum required distribution from the IRA before they convert what's left. That money cannot be converted and it is considered the first money out of the IRA for the year.

Just for kicks, say they have $100K in an IRA from which $5K must be taken this year as an MRD. Say they convert $10K of the IRA before taking the MRD. After they do that conversion, they take the $5K. The IRS will say that $5K of the conversion is disallowed because the first money out of the IRA is the MRD, and that cannot be converted to a Roth. The fact they took that $5K later does not count for MRD purposes. Only the first money out does. Solution: Take the MRD first, then convert.

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