UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: tsulli317 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: IRA & SIMPLE rollover to ROTH??HELP Date: 3/3/2000 4:05 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Here's the scoop. I hvae funds in a simple and traditional IRA accounts that in Feb. 2000 went from $30,000 to over $200,000
Can I rollover for tax year 1999 into a roth IRA and avoid the taxable gain I know will happen?
OR, do I have to pay taxes on what the account is currently worth today? THanks for any response in advance. fool on.
Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 19776 of 74759
Subject: Re: IRA & SIMPLE rollover to ROTH??HELP Date: 3/3/2000 4:53 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings, Rsulli317, and welcome. You asked:

<<Here's the scoop. I hvae funds in a simple and traditional IRA accounts that in Feb. 2000 went from $30,000 to over $200,000
Can I rollover for tax year 1999 into a roth IRA and avoid the taxable gain I know will happen?
OR, do I have to pay taxes on what the account is currently worth today?>>


The deadline for conversions to a Roth for tax-year 1999 ended 12/31/00. Therefore, any conversion you make now would be for tax-year 2000 and it would be for the market value at the time of conversion. And BTW, you can't move the SIMPLE until you have participated in that plan for two years. If you do so before then, then a 25% penalty applies.

Regards..Pixy


Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement