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Hello All,

This is my first post to this board. I 've been reading it for some time and learned quite a bit.

I have a question regarding rolloing over money from a 401K to a Traditional IRA which I would like to convert to a Roth IRA. My old company was purchased by a newly formed company (which does not have a 401K plan). I need to transfer the funds from my 401K to a personal retirement account. I have about $8,000.00 in the 401K and would like to ultimately roll it into a self directed Roth IRA with TD Waterhouse. I have a traditional IRA with Legg Mason in their Valued Trust Fund. According to the paper work from the old company I have to roll over into a traditional IRA.

Can I open a Traditional IRA with TD Waterhouse (where I already have a taxable account, not an IRA) and then convert it to a Roth? I think if I were to do something like this now would be the time as the amount is relatively small. I'd like to have both a traditional and a roth IRA as a way to hedge my bets regarding the taxes during retirement.

I make make about $34,000.00 per year and don't have high hopes of any great leaps in income before retirement.

Thanks for your thoughts.


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