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Financial Planning / Tax Strategies
|Subject: pre-tax ira questions||Date: 11/18/1998 9:07 PM|
|Author: rtomase||Number: 6376 of 122917|
I opened up an IRA a couple of years ago to roll over company contributions (stock) from my 401k acct. so I could dump the stock and use the proceeds to buy other stock.
This year, I opened up a separate Roth IRA and funded it with $2000 cash.
I have some questions:
1. Do I need to keep the pre-tax IRA acct so I can receive the rollovers from the 401K, or can I roll over from the 401k directly to the Roth?
2. What are the tax consequences of rolling over assets from the pre-tax IRA to the Roth IRA?
3. Does an IRA which has always contained pre-tax money change 'type' to after-tax if cash is contributed, or does it not matter?
4. How do you know an IRA is pre-tax or after-tax?
If this would make any difference in the answers - my income will be around $75000 this year with 15% contributed to 401k.
Thanks in advance for any comments.
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