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|Subject: Converting Regular IRA to Roth IRA||Date: 10/22/2000 9:59 AM|
|Author: krishnarama||Number: 25636 of 81574|
I opened a Traitional IRA(without deductable) for the year 2000 in May. The reasons I opened Tradition IRA are
1) I am contributing to my 401K
2) Since all of my stocks were doing great during that period I thought my total income would exceed that $120,000 figure ,which prevents me from contributing to Roth IRA,if I sell them this year.
Well ,now all of my stocks hitting the bottom everyday and I have no plans to sell them this year so I now have the oppurtunity to contribute to Roth IRA fully($2000). Since I can't open one more IRA for year 2000 ,can I convert my existing Traditional IRA to Roth IRA and trade the stocks and never pay the taxes.
lessons learned hardway
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