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Author: vlt Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Regular IRA xfer to Roth IRA Date: 9/8/1997 4:46 PM
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<<My question is: Since I've already paid taxes on my IRA contributions, can I
just declare them to be Roth IRAs on January 1, 1998 with no tax consequences?>>

Not a chance, Vince. You must go through the procedures to 'rollover' the IRA into a qualified Roth-IRA in order to have a Roth-IRA.
-----
Oh, foo.

I was expecting an answer like this, but I had hopes ... (and I'll read the
regs when they're published.) With the generally excellent returns in the
market over the past several years, the bite will not be trivial. In any
event, I've still to convert my existing IRA accounts to self-directed
brokerage accounts, which will occupy me for the remainder of '97.

Thanks, Roy.
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