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The Financial Quarterback ™
125 S. Swoope Avenue, Suite 109
Maitland, FL 32751

Phone: 407.622.6669
     Fax: 407.599.9243

Ask The Expert

Questioner: Chris Marchetti

Question: My parents, 71, need to start to take their RMD on their qualified IRA. They want to take the after-tax distribution and put into either a ROTH IRA or a non-qualified IRA. Which would you suggest?

Answer: Chris thanks for your question. Based solely on the information you provided, this cannot be done. Contributions going into ANY IRA must be from earned income (income from working). RMD distributions are not considered earned income. However, they will be able to convert all or a portion of their IRA into a Roth IRA. In addition, in 2010 there are no income limitations when dealing with converting your Traditional IRA into a Roth IRA.

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