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I am married and over 70 years old. My gros income wouild be

less than $50,000. I have...
I am married and over 70 years old. My gros income wouild be less than $50,000. I have a regular IRA and also a Roth IRA. I have no earned income. Can I transfer money from the regular IRA to the Roth IRA? I know I would need to pay income tax on the money that wouuld be transfered.
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Answered in 2 minutes by:
11/13/2013
Lev
Lev, Tax Advisor
Category: Tax
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Lev :

Hi and welcome to our site!
Yes - you may transfer the money from the regular IRA to the Roth IRA - that would be classified as conversion.

Lev :

You will recognize taxable income on the converted amount - so you might want to spread conversion over several years to avoid large taxable income and higher tax rates in any single year.
Benefits of having funds in Roth IRA would be (1) any income earned inside Roth IRA will not be taxable (2) there is no Required Minimum Distribution (RMD) for Roth IRA.
Another issue - if you already a subject of RMD - you will not be able to avoid RMD by transferring to the Roth IRA.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,159
Experience: Taxes, Immigration, Labor Relations
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