can mrd,s be applied to a new ira

beezeeOctober 1, 2009

i am 67 yrs. old and would like to use the required withdraeals from my annuity to open an ira as i won't need that money any time soon....bz

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sushipup1

I urge you to look it up yourslef, but I think that you can open a tradidtional IRA up to age 70-1/2, but there are no age limits on Roth IRA's.

But double check that, since I'm not a CPA. I just looked it up on Kiplinger.com

Here is a link that might be useful: Kiplinger

    Bookmark   October 1, 2009 at 7:45PM
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beezee

sushi, thanks for your response...the article refers to folks with earned income and i am retired with no earned income...it appears that there are no tax shelters unless you are working...if there are i sure would like to be informed...bz

    Bookmark   October 2, 2009 at 4:41AM
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jlhug

For 2009, the IRS has waived the requirement to take a RMD from certain retirement accounts.

Here's a bit more information from the IRS website.

Here is a link that might be useful: Retirement plans RMD FAQ

    Bookmark   October 2, 2009 at 6:09AM
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sushipup1

You can have a Roth without earned income, I think.

    Bookmark   October 2, 2009 at 10:04AM
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christine

Roth has to be earned income either by you or your spouse.

As for the original question, I do not know the answer.

    Bookmark   October 2, 2009 at 1:07PM
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