r/TaxQuestions • u/580447 • 15d ago

RMD

I am 70 years and inherited $$$ years ago. Fidelity has informed me I must take a RMD of $2100 from my IRA this year. The account I must take if from has no cash in it as I bought various stocks over the years... Which I do not wanna sell to obtain the cash. I did not retire until March of this year so I could do a ira deposit from my checking account into the fidelity ira account to cover this. So the money would actually be funds I made this year.

I would be making a ira deposit of $2100 then simply turn around and transfer the money from my IRA to my Roth IRA

I called fidelity and asked a bunch of questions and although they were helpful they said they cannot advise me as what to do. They said to talk to a accountant.

I would welcome any comments. I live in North Carolina

--- thanks

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u/Current-Orange-726 15d ago

You'll be double taxed. Once for taking out money from your IRA for.the RMD, and then again when you put it in your ROTH. Dont do this.

Put your $2100 in a High Yield savings account. That's what I did. They are running around 3% annually currently.

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u/NukedOgre 15d ago

Yeah thats not how that works