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Re: Roth vs IRA From6454,
Disclaimer: I'm not tax specialist nor a Roth expert. Here are my answers (you can verify on your own if they are correct, others as well)
If you have $1 million in your IRA can you roll over to Roth? No I don't have $1 million in IRA. Just asking. You can convert all of your IRA to Roth. I was told you can make contribution to both accounts, but if your income is too high, you cannot contribute both. yes I was told I can transfer from IRA to Roth, but depends on your Incomes that year. If you want to transfer from IRA to Roth, you have to pay taxes first before transfer. If your income is low, you don't have taxes that you have to pay. Roth conversions are treated as ordinary income in the year of conversion. Conversion taxes will be thus due on April 15 of the following year. Roth conversion amount gets added to your income and your tax rate is based on the total income So it seems to me that the amount that you can transfer is very limited. No? No, see first question above. If Munger (91) could covert all of his IRA to Roth, so can we. Thinkith wrote that's what he did Appreciate if you have answers... http://www.rothira.com/ is a one-stop information source Given the tax free growth, my plan with Roth is to use it after exhausting all other funds. |
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Msg # | Subject | Author | Recs | Date Posted |
134264 | Re: Roth vs IRA | Navi | 0 | 5/6/2015 3:13:58 PM |