You'll need to sign in or create an account to connect with an expert.
No, you do not have to take a Required Minimum Distribution.
Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
For more information, please refer to IRS Pub. 590-B Distributions from IRAs.
No, you do not have to take a Required Minimum Distribution.
Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
For more information, please refer to IRS Pub. 590-B Distributions from IRAs.
Did you take the RMD required of this traditional IRA from this traditional IRA or from another traditional IRA before converting this traditional IRA to Roth? If not, your Roth conversion mistakenly converted your RMD for this traditional IRA, which is not permitted.
A Roth conversion is a distribution from the traditional IRA and a taxable rollover to the Roth IRA. However, RMDs are not eligible for rollover. If you mistakenly converted the RMD to Roth, it represents an excess contribution to the Roth IRA that is subject penalty to the extent that you are unable to treat it as a new, regular contribution to the Roth IRA. You have until the due date of your tax return to obtain a return of the excess contribution from your Roth IRA. It must be explicitly made as a "return of contribution," not a regular distribution.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cdwestlund
New Member
ceydayavuz
New Member
palmtree33
New Member
Shelley1234
New Member
easyxpress
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.