Converting an IRA distribution to a Roth
In 2020 Client age 72 takes an IRA distribution. Now wants to deposit the distribution into a Roth IRA. Would that be considered a Roth Conversion?
In 2020 Client age 72 takes an IRA distribution. Now wants to deposit the distribution into a Roth IRA. Would that be considered a Roth Conversion?
Permalink Submitted by Alan - IRA critic on Thu, 2020-10-01 17:06
Yes, it would be a Roth conversion. The rollover to the Roth IRA must be completed within 60 days of receipt of the TIRA distribution. The one rollover limit does not apply. If there was withholding on the distribution, that must be replaced with other money to have a complete conversion.