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bh15
New Member

Can I make a contribution to an IRA in the same year as I take a rmd

 
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2 Replies
bh15
New Member

Can I make a contribution to an IRA in the same year as I take a rmd

I left out the part about taking the deduction for the IRA funding to reduce tax burden but then later in the year taking out a RMD

dmertz
Level 15

Can I make a contribution to an IRA in the same year as I take a rmd

If you are asking about a traditional IRA contribution for 2019, the fact that you were subject to an RMD for 2019 suggests that you were age 70½ or over in 2019, making you ineligible to contribute to a traditional IRA for 2019.

 

If you are asking about making a Roth IRA contribution, any kind of IRA contribution for 2020 or the RMD was from an inherited account and you were not over age 70½ in 2019, yes, you can make an IRA contribution if you have sufficient compensation from employment to support the contribution.

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