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I reached 70 1/2 in June 2018. Converted to Roth in April 2018. Do I need to take RMD?

 
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MichaelMc
New Member

I reached 70 1/2 in June 2018. Converted to Roth in April 2018. Do I need to take RMD?

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.



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3 Replies
MichaelMc
New Member

I reached 70 1/2 in June 2018. Converted to Roth in April 2018. Do I need to take RMD?

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.



dmertz
Level 15

I reached 70 1/2 in June 2018. Converted to Roth in April 2018. Do I need to take RMD?

I suspect that the question is asking about an RMD from the traditional IRA which was required to have been completed before the Roth conversion.  If so, this answer does not apply.
dmertz
Level 15

I reached 70 1/2 in June 2018. Converted to Roth in April 2018. Do I need to take RMD?

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.

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