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Financial Planning / Tax Strategies
|Subject: Rolling over to Roth IRA||Date: 12/6/1997 3:13 AM|
|Author: ajshih||Number: 832 of 120437|
I'm a student w/ about $9,000 in a deductible IRA.
My cost basis was $6,000. I've also made around $20K this year.
When I roll over into the Roth IRA, all gains are taxed as regular income, correct?
Thus, for the 1998 tax year I'll have extra "income" of $9,000, is this correct?
Well, 15 or 28% now is a lot better than 30-40% in
It's a good thing I'm not graduating until Dec. 1998.
Otherwise I'd already be in a much higher tax
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