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|Subject: Re: Should I convert IRAs to Roth IRAs?||Date: 8/19/2005 3:07 PM|
|Author: pauleckler||Number: 47306 of 78166|
Welcome Chitown. Glad you could join us.
First, keep in mind that IRA and Roth IRA are individual accounts. Hence, you must keep yours separate from your husbands. However, in considering things like asset allocation, you can consider them collectively.
You are allowed to have as many IRA and or Roth IRA accounts as you like under the law. Administrative paperwork and maintenance fees are the reason most people try to minimize the number of accounts they maintain.
So yes, you can do a Roth conversion on an existing traditional IRA while you own another Roth account. You can even combine the two accounts into one if you like.
As to whether or not you should, yes it depends on what your tax rate is now compared to what it is likely to be in retirement. Having a low tax rate now is an excellent reason to convert now.
Tax rates are always difficult to predict in the distant future. Congress c