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Subject:  Re: IRA & SIMPLE rollover to ROTH??HELP Date:  3/3/2000  4:53 PM
Author:  TMFPixy Number:  19776 of 88540

Greetings, Rsulli317, and welcome. You asked:

<<Here's the scoop. I hvae funds in a simple and traditional IRA accounts that in Feb. 2000 went from $30,000 to over $200,000
Can I rollover for tax year 1999 into a roth IRA and avoid the taxable gain I know will happen?
OR, do I have to pay taxes on what the account is currently worth today?>>

The deadline for conversions to a Roth for tax-year 1999 ended 12/31/00. Therefore, any conversion you make now would be for tax-year 2000 and it would be for the market value at the time of conversion. And BTW, you can't move the SIMPLE until you have participated in that plan for two years. If you do so before then, then a 25% penalty applies.


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