Roth IRA

Roth IRA Questions

Q. My daughter is 16 years old. Can she make a Roth IRA contribution?

A. Age is not a determining factor. As long as your daughter has earned income with which to open the Roth IRA account, and as long as she is under the AGI limitations, she can make an IRA contribution regardless of her age.

Q. My father is 73 years old. Can he convert his regular IRA to a Roth IRA?

A. As noted above, age is not a determining factor. If your dad’s AGI is less than the $100,000 limitation, he’s eligible to make the conversion. Beware, though, that your father is in the period of minimum required distributions (MRD) from his traditional IRA. Therefore, before he converts that regular IRA to a Roth, he must receive his MRD for that year. Whatever that amount is, it cannot be transferred to the Roth.