Ed Slott discusses a provision in President Barack Obama's budget proposal that would eliminate required minimum distributions (RMDs) for certain seniors. Ed discusses the makeup of this provision, who it would benefit and how it would be enforced in this video. You can view all Ed Slott and Company videos at our YouTube page, IRAtv.
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Tuesday, February 14, 2012
Ed Slott Video: President Obama's Budget Proposal to Eliminate RMDs for Certain Seniors
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Consumers: Send in Your Questions to [email protected]
Q I am 70-1/2 this year and still working and contributing to my 401(k). I plan to retire this year. I also want my wife (not earning an income) to take out a Roth IRA this year. I am wondering how much I have to earn pre-retirement for my wife and I to take out Roth IRAs? Or I guess better said, does my contribution to my 401(k) need to be deducted from my earnings amount before figuring if I have enough left for Roth contributions? If I do not have enough earnings for my wife and I before I retire, can I just do the spousal Roth IRA for my wife without doing a Roth contribution for myself?
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