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Submitted By: someone
Answered: August 28, 2017 10:55 pm
Answered: August 28, 2017 10:55 pm
I inherited a Roth IRA and know I have to take required minimum distributions. Can I also make contributions to the account?
Only a surviving spouse who rolls over an inherited Roth IRA can treat the account as his/her own and make contributions to it. A non-spouse beneficiary who wants to contribute to a Roth IRA must set up a separate account.
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Tax Glossary
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
