|
|
|
|
Joined: Nov 2006
Posts: 857
Campfire Regular
|
OP
Campfire Regular
Joined: Nov 2006
Posts: 857 |
Are you REQUIRED to take withdraws from a Roth IRA at 70 1/2 years old?
Thanks
|
|
|
|
|
Joined: Aug 2010
Posts: 617
Campfire Regular
|
|
Campfire Regular
Joined: Aug 2010
Posts: 617 |
|
|
|
|
|
Joined: Jan 2001
Posts: 29,973 Likes: 10
Campfire Ranger
|
|
Campfire Ranger
Joined: Jan 2001
Posts: 29,973 Likes: 10 |
No! Roth IRAs do not require withdrawals until after the death of the owner. Roth IRA distribution
Last edited by 1minute; 01/14/18.
1Minute
|
|
|
|
|
Joined: Nov 2006
Posts: 857
Campfire Regular
|
|
OP
Campfire Regular
Joined: Nov 2006
Posts: 857 |
Lol. That's what I've heard; YES & NO. Thanks for the link 1minute. Looks like only an inherited IRA requires distribution. Thanks.
|
|
|
|
|
Joined: Jan 2006
Posts: 69,489 Likes: 20
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Jan 2006
Posts: 69,489 Likes: 20 |
No. The RMD is so the gov can start collecting taxes. There are no taxes to be paid on a Roth.
If you inherit an IRA, completely different rules kick in. The beneficiary must start withdrawing an RMD within 2 years and the entire amount must be withdrawn within 20 years. If you should happen to inherit one, work with the financial company to make sure you do it it right or the the feds will hammer you with taxes.
“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell
It's not over when you lose. It's over when you quit.
|
|
|
|
|
Joined: Aug 2010
Posts: 28,398 Likes: 8
Campfire Ranger
|
Campfire Ranger
Joined: Aug 2010
Posts: 28,398 Likes: 8 |
Yeah. That’s supposed to be the great thing about a Roth, that you don’t pay taxes at retirement (you paid taxes the year you start it) .like Rock chuck stated...
|
|
|
|
|
577 members (06hunter59, 10gaugeman, 19rabbit52, 12344mag, 10gaugemag, 163bc, 57 invisible),
2,955
guests, and
1,253
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Forums81
Topics1,193,970
Posts18,519,678
Members74,020
| |
Most Online11,491
Jul 7th, 2023
|
|
|
|
|
|
![[Linked Image from i.postimg.cc]](https://i.postimg.cc/qMjL6f8C/27-FD3-F35-D9-CF-4-FC0-AE24-D01508-F7-AF1-C.gif)