The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Regular IRA xfer to Roth IRA||Date: 9/8/1997 4:46 PM|
|Author: vlt||Number: 326 of 124945|
<<My question is: Since I've already paid taxes on my IRA contributions, can I
just declare them to be Roth IRAs on January 1, 1998 with no tax consequences?>>
Not a chance, Vince. You must go through the procedures to 'rollover' the IRA into a qualified Roth-IRA in order to have a Roth-IRA.
I was expecting an answer like this, but I had hopes ... (and I'll read the
regs when they're published.) With the generally excellent returns in the
market over the past several years, the bite will not be trivial. In any
event, I've still to convert my existing IRA accounts to self-directed
brokerage accounts, which will occupy me for the remainder of '97.
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