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re: 401K mandatory withdrawal, what to do with money?
Posted on 1/4/18 at 12:45 pm to bayou choupique
Posted on 1/4/18 at 12:45 pm to bayou choupique
You have to withdraw a certain percentage as taxable income, just like any other income. There's no way to save on taxes that I know of, I can't imagine there would be otherwise it would make no sense to force people to withdraw.
But just like any other taxable income, he could place it in a Roth or another investment account, savings, etc.
But just like any other taxable income, he could place it in a Roth or another investment account, savings, etc.
2
Posted on 1/4/18 at 12:51 pm to baldona
Dunno
quote:
IRS rules prohibit putting your RMD into another tax-advantaged retirement account. But you can convert the remaining portion of your traditional IRA assets to a Roth IRA, though it will mean paying more taxes. “You just have to satisfy the RMD requirement before you do a Roth conversion,” says Mingone. (If you aren’t working and receiving earned income, you can’t make a contribution to a Roth but once the money is in a traditional IRA, you don’t need to have additional earned income to move the money to a Roth IRA.)
Posted on 1/4/18 at 12:56 pm to baldona
If I die at 70. Does my balance become a tax free inheritance to my kids?
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