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Netteburg
Level 2
June 8, 2022
Question

Roth IRA

  • June 8, 2022
  • 1 reply
  • 20 views

Must I make a mandatory withdrawal from my Roth IRA or just a traditional IRA? Also, how much may I add to my Roth IRA yearly and will a percentage of that be deducted from my gross taxable amount? Thanks so much for your expert help!!!

    1 reply

    AR_CPA
    Level 4
    June 8, 2022

    Hello Netteburg,

    If you're the original owner of your Roth IRA, you're not required to take out RMD from Roth IRA.  You can still contribute to Roth IRA as long as you are working and you have earned income subject to contribution limits.  Roth IRA contribution is always with the after-tax money meaning it cannot be deducted from your gross taxable income.  

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