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Retirement tax questions
It is my understanding the CARES Act not only suspended the Required Minimum Distribution From IRAs but also allowed tax payers over the age of 70 1/2 to use funds from a Traditional IRA to convert to a Roth IRA.
I understand that I will have to pay taxes on said Traditional IRA but TT is indicating that I can't convert the funds because I did not receive wages equal to the transfer and the I would be penalized until I correct this issue.
Please advise!
March 23, 2021
1:30 PM