Can I convert or rollover Required Minimum Distributions (RMD)?
No, the IRS doesn't allow you to rollover or convert your RMD's. Amounts that must be distributed (RMD) during the year aren't normally eligible for a rollover.
If you have more than one traditional IRA, you must calculate the RMD separately for each account. You are able to total the RMD from all your accounts and take that amount (or varying amounts) from any of your IRA's as long as they add up to the total required RMD.
403(b) plans have similar rules to the traditional IRA. However, 401(k)s must have the RMD calculated and distributed separately for each 401(k) account.
This means you can convert the full balance of a specific traditional IRA, even if that account has an RMD, as long as you take the total RMD for all your traditional IRAs from a different traditional IRA.
If you're unsure about these rules, it's best to discuss your RMDs and conversion or rollover plans with your plan administrator to make sure you are taking the correct RMD and not converting or rolling over your RMD.
If you have more than one traditional IRA, you must calculate the RMD separately for each account. You are able to total the RMD from all your accounts and take that amount (or varying amounts) from any of your IRA's as long as they add up to the total required RMD.
403(b) plans have similar rules to the traditional IRA. However, 401(k)s must have the RMD calculated and distributed separately for each 401(k) account.
This means you can convert the full balance of a specific traditional IRA, even if that account has an RMD, as long as you take the total RMD for all your traditional IRAs from a different traditional IRA.
If you're unsure about these rules, it's best to discuss your RMDs and conversion or rollover plans with your plan administrator to make sure you are taking the correct RMD and not converting or rolling over your RMD.
