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http://boards.fool.com/orangeblood-ltlthmm-i-missed-that-10098725.aspx
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| Subject: Re: Roth IRA | Date: 2/5/1998 7:07 PM | |
| Author: TMFPixy | Number: 1640 of 72254 | |
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Orangeblood, <<Hmm... I missed that somewhere along the way. In fact, I still had a question as to whether initial funds in a conversion Roth would be considered as contributions. To put it in the form of a simple question: If I convert a traditional IRA to a Roth this year, and the intitial total is $5,000.... in 5 years will I be able to withdraw that $5,000 without penalty? The reason I'm asking is I still haven't seen a definitive "conversion money will be treated as a contribution" statement from the Feds.>> Yes, as the technical correction in Congress will clarify when it's finally passed and signed into law. All indications are the provisios as I've outlined in previous messages will be enacted intact. <<Second question: Just to clarify... you're saying if I open a Roth IRA this year with a $2,000 contribution, next year I can withdraw $2,000 without penalty?>> Yes, as the present law already specifies. Regards……Pixy |
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