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Author: SkiingInvestor Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: converting 401k to Roth IRA Date: 3/10/1998 6:55 PM
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hello, i'm new to the board. i have a roth ira question. may i convert my 401k from a job a quit last year into a roth ira in 1998? I made under $95k in 97 and i will make under $95k in 98 (i think) but i made more than $100k annually during the years that i contributed to the 401k and i may make more that $100k in 1999. do these factors matter?
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2589 of 121565
Subject: Re: converting 401k to Roth IRA Date: 3/11/1998 10:57 AM
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[[hello, i'm new to the board. i have a roth ira question. may i convert my 401k from a job a quit last
year into a roth ira in 1998?]]

Not directly...but you can take your 401k funds and place them into an IRA rollover account. Then, if you otherwise qualify, you can them make the Roth conversion.

[[ I made under $95k in 97 and i will make under $95k in 98 (i think) but
i made more than $100k annually during the years that i contributed to the 401k and i may make
more that $100k in 1999. do these factors matter?]]

Your income in 1998 is the only amount that matters. If it is over $100k, you will not be qualified for conversion purposes, and will be restricted in making the Roth IRA conversion.

For additional information on Roth IRA issues, check out my post in the Taxes FAQ area.

TMF Taxes
Roy

SPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)


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