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Subject:  Re: IRA conversion Date:  4/15/2008  2:40 PM
Author:  aj485 Number:  62278 of 88502

I have several IRA's that I would like to consolidate into one Roth IRA, how is that done and what are the tax consequences?

For other Roth IRAs - you can do a rollover with no tax consequences.

For traditional IRAs it will be a conversion. To do a conversion, your MAGI must be below the cap of $100k - see IRS publication 590 for details of how to calculate MAGI, and other details about conversions. You will owe taxes at the marginal rate based on your total income, including the conversion.

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