In this video as part of The Motley Fool's "Ask a Fool" series, our senior advisor to the Fool's Rule Your Retirement service, Robert Brokamp, takes a question from a Fool reader, who asks, "Should you pay the income taxes owed from your traditional 401(k) and/or IRA with funds from your Roth 401(k) and/or Roth IRA when you're 70.5 years or older?"
How should you be paying for taxes owed on your retirement accounts?
About the Author
Robert Brokamp, CFP®, is a Senior Retirement Advisor and Financial Planning Expert at The Motley Fool, where he has worked since 1999. He serves as a Senior Advisor for GamePlan and hosts the Saturday episodes of the Motley Fool Money podcast. Robert serves on The Motley Fool’s 401(k) and Financial Wellness committees and is the author, co-author, or contributor to eight Motley Fool books. Before joining The Motley Fool, he was a Financial Advisor at Prudential Securities and an English teacher. He holds a B.A. in English and pre-med from The Catholic University of America; an M.A. in Teaching Secondary English from Trinity Washington University; a Graduate Certificate in Financial Therapy and a Master’s in Personal Financial Planning from Kansas State University; and a Certificate in Financial Planning from Georgetown University. Robert also volunteers as a tax preparer for the IRS VITA program and serves on the board of Together We Bake, an organization providing workforce training and personal development to women facing employment barriers.