UnThreaded | Threaded | Whole Thread (20) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: 0x6a74 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75807  
Subject: Re: Simple question about 401k-to-IRA conversion Date: 2/24/2011 2:28 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
If I were to instead roll this money over to a ROTH IRA, and pay taxes on the money, is that money considered a ROTH "contribution" and therefore available to me to withdrawal without penalty? Or am I basically completely unable to draw on these funds without penalty?



though still a 'simple question' ,you're now beyond my expertise.


i *believe* it depends on how old the Roth is (if over 5 yrs, maybe)
and how old you are (if over 59.5, you can withdraw from IRA without penalty ..you're right that a withdrawal would be subject to tax as ordinary income)


if you don't get an expert answer by ,say, noon tomorrow, ask at the Tax board --
http://boards.fool.com/tax-strategies-100155.aspx?mid=291273...


-b
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (20) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement