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Can my wife and I transfer $10,000 from each of our contributory IRA's to our Roth IRS's without any penalties other than the tax on the withdrawal? Both over 70 1/2.
We are both over 70 1/2 years, did not work for wages and our AGI is over $200,000. Tried to complete form 8606 in TurboTax and results say we will have to pay 6% penalty each year. What can we do?
‎June 1, 2019
12:41 AM