The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Roth IRA conversion||Date: 9/25/1998 4:50 PM|
|Author: GeekFoolBoy||Number: 5641 of 77227|
<<We want to convert to a Roth IRA but I read several months ago that there might be some tax problems since the original amount came from a profit sharing plan. Does antone know if there are any special rules for this scenario? >>
I'm sure Pixy will jump with all the gory (and incredibly accurate) details, but in my case, there was nothing special about it.
I had both a 401(k) and a profit sharing plan, both of which were qualified plans, so rolling them into an IRA and subsequently converting that to a Roth was a no-brainer. I'm not sure if non-qualified profit sharing plans exist (I've got a hunch that they do), so I suppose your first task would be to find out exactly what kind of profit sharing plan your wife had.
For further enlightenment, I refer you to the resident expert, Pixy. :-)
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|