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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15587
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Can a retired person without wages roll over IRA funds that

Resolved Question:

Can a retired person without wages roll over IRA funds that are not used for RMD ?
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

How are you today?

Megan C :

The answer to your question is "yes" you can roll over an IRA after retirement.

Customer:

As a follow up question, I have a Trad IRA and a 401K. Does the IRS care what funds I pay the RMD as long as the total payed meets the minimum amount?

Megan C :

That is correct

Customer:

Thank you

Megan C :

so long as you are meeting your RMD, it doesn't matter what account it's coming from

Megan C :

You're welcome.

Megan C :

Is there anything else you need assistance with today?

Megan C :

If not, please rate as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15587
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 3 other Finance Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Megan C replied 1 year ago.
Thanks for your positive rating. Please come back and visit me any time you have a question that needs answered. I can help with tax, finance, or social security. IT was a pleasure working with you today. In the future, you can ask for me directly.

Thanks again for being a valued JustAnswer.com customer.
Customer: replied 1 year ago.

I am satisfied with your answer. I have a 401K that I will draw down to zero over 20yrs. These monthly payouts now exceed the RMD amount by 40%. Therefore I want to reduce my IRA's RMD yearly distribution by this excess to save taxes. The answer you gave indicates that this is within the IRS rules. Do you need more information?

Expert:  Megan C replied 1 year ago.
No, I do not need any more information. Thanks for choosing JustAnswer.com and let me know if you need any additional assistance.

Thanks

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Megan C
Megan C
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Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level