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I have recently converted a part of my traditional IRA to a new Roth. I want to keep both of the IRA's going. I heard that you must complete the conversions within three years or pay a penalty. The source of that info is suspect, and I haven't seen any reference to that anywhere else. Does this sound like hogwash?

You can convert part of an IRA. There's not such thing as the rule you're hearing. See IRS Publication 590. It gives all the IRA rules.

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