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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
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
