By Sarah Brenner, JD
Director of Retirement Education

Question:

Can I convert my traditional IRA to a Roth IRA even though I have no earned income for this year?

Answer:

While having earned income or taxable compensation is a requirement for making a tax-year contribution to an IRA or Roth IRA, there is no such requirement for doing a conversion. Anyone with a traditional IRA is eligible to convert to a Roth IRA.

Question:

I have both an IRA and a 401(k). Can I satisfy the required minimum distribution (RMD) from my IRA by taking additional funds from the 401(k)?

Answer:

Unfortunately, this will not work. While you may aggregate RMDs from multiple IRAs, you cannot aggregate IRA and employer plan RMDs. You must take your IRA RMD from your IRA and your 401(k) RMD from the plan.

If you have technical questions you would like to have answered, be sure to submit them to mailbag@irahelp.com, to be answered on an upcoming Slott Report Mailbag, published every Thursday.
https://irahelp.com/can-i-do-a-roth-conversion-with-no-earned-income-todays-slott-report-mailbag/