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| alicia gist |
 Posted: Mon Feb 28, 2005 5:00 am Post subject: Roth or Traditional IRA? |
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Investing Sr. Associate
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| Can you convert a traditional IRA to a Roth? |
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| trixiezzz |
| Posted: Tue Mar 01, 2005 11:10 am Post subject: |
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Investing Manager
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| Yes, I believe you can. If you have an income under $100,000 (married or single) you can roll over assets from a traditional IRA into a Roth. You'll pay income tax on the rollover, but not on withdrawals, which would then be governed by the more liberal Roth IRA rules. |
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| alicia gist |
| Posted: Wed Mar 02, 2005 11:02 am Post subject: |
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Investing Sr. Associate
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| Thanks. I'm going to talk to my broker. |
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| trixiezzz |
| Posted: Wed Mar 02, 2005 1:59 pm Post subject: |
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Investing Manager
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| And if you or your spouse are over 50 you have an even higher limit of what you can contribute this year: $3,500 instead of just $3,000. |
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| jasonr114 |
| Posted: Sat Mar 12, 2005 4:28 pm Post subject: |
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Investing Associate
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This year, you can contribute $4000 to a rIRA for 2005.
I converted a tIRA into a rIRA last year, as noted above you have to report the money as a retirement distribution on your taxes, which means you will pay the taxes on the money to compensate for the tax deduction you got when you put the money in. |
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